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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.

Polygon founder Sandeep Nailwal

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.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.