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.

In the latest announcement, Sandeep Nailwal – founder of Polygon, and Kenzi Wang – founder of Cere Network have successfully established a VC fund worth $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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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