Polygon And Cere Network Founders Announced A $50 Million Web3 Fund
Symbolic Capital, the venture capital fund of the two founders of Polygon and Cere Network, has successfully raised $50 million.
Accordingly, the fund will aim to promote pioneering Web3 applications and the fund’s backer partners – including protocols, exchanges, auditing firms, and cryptocurrency supply organizations, according to the announcement. Nailwal said:
“My core mission is to bring mass adoption to Web3, and that mass adoption is only going to happen via apps. It’s not like I’m going to build a blockchain, and people will come and use the blockchain — nobody uses blockchain directly. They always use it via some app.”
Symbolic intends to focus on businesses developing consumer-facing decentralized apps. These apps, known as dApps, serve identical duties to regular apps but eliminate middlemen by utilizing blockchain networks and smart contracts (self-executing computer code stored on blockchains). Uniswap, for example, is a popular Ethereum-based dApp that serves as a decentralized exchange for anyone to trade coins and tokens.
Symbolic announced that it had already invested in blockchain gaming startups Blinkmoon, Planet Mojo, and Community Gaming.
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