{"id":34341,"date":"2022-08-25T14:42:05","date_gmt":"2022-08-25T18:42:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=34341"},"modified":"2022-08-25T14:42:09","modified_gmt":"2022-08-25T18:42:09","slug":"sandeep-nailwal-founder-of-polygon-raises-50m-for-web3-fund","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sandeep-nailwal-founder-of-polygon-raises-50m-for-web3-fund\/","title":{"rendered":"Sandeep Nailwal, founder of Polygon, raises $50M for Web3 fund"},"content":{"rendered":"\n
The most recent venture capital firm to place a strong emphasis on Web3, gaming, and NFTs is Symbolic Capital.<\/h5>\n\n\n\n
\"Sandeep
Sandeep Nailwal, founder of Polygon, raises $50M for Web3 fund<\/figcaption><\/figure>\n\n\n\n

Sandeep Nailwal, the creator of Polygon\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and a cryptocurrency entrepreneur, has received $50 million for a new startup fund aimed at Web3 companies, demonstrating venture capital's rising interest in the internet powered by blockchain.<\/p>\n\n\n\n

According to information released by Symbolic Capital on Thursday, Nailwal's venture firm is supported by cryptocurrency exchanges, protocols, and auditing companies that specialize in cryptocurrencies<\/a>. Three blockchain-focused gaming startups, BlinkMoon, Planet Mojo, and Community Gaming, have already received funding from Symbolic's fund. These startups' early funding sources were kept secret.<\/p>\n\n\n\n

Nailwal stated that his company is focused on assisting project founders from emerging markets, which may be a novel approach to venture capital.<\/p>\n\n\n\n

\u00a0\u201cStarting Polygon in India, we struggled to get connected to VCs that believed in our vision and abilities as founders,\u201d he said.<\/p><\/blockquote>\n\n\n\n

Nailwal moved to Dubai two years after co-founding Polygon<\/a> in India in 2017. Nailwal claimed in a Bloomberg interview that the lack of regulatory certainty surrounding cryptocurrencies was the reason he left his country.<\/p>\n\n\n\n

Similar to other crypto-focused venture capital firms, Symbolic Capital places a strong emphasis on Web3 initiatives or products that will advance the decentralized internet. This month saw the launch of two Web3-focused funds: Shima Capital debuted with a $200 million commitment, and CoinFund launched a $300 million project.<\/p>\n\n\n\n

According to Research, Web3 projects<\/a> accounted for 42% of individual deals and the majority of cryptocurrency venture funding in the second quarter. Between April and June, venture funds made a massive $14.67 billion investment in cryptocurrency startups, matching the amount they allocated in the first quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

The most recent venture capital firm to place a strong emphasis on Web3, gaming, and NFTs is Symbolic Capital. Sandeep Nailwal, the creator of Polygon and a cryptocurrency entrepreneur, has received $50 million for a new startup fund aimed at Web3 companies, demonstrating venture capital’s rising interest in the internet powered by blockchain. According to […]<\/p>\n","protected":false},"author":38,"featured_media":34345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2028,470,395,6795],"class_list":["post-34341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gaming","tag-nfts","tag-polygon","tag-web3-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/08\/Polygon-Co-Founder-Sandeep-Nailwal-in-Feb-2020.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/34341","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=34341"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/34341\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/34345"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=34341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=34341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=34341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}