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Polygon Founder Launches $50M Web3 Seed Fund

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Polygon Founder Launches $50M Web3 Seed Fund

Despite a brutal bear market, money continues to flow into the crypto space: The founder of block chain infrastructure provider Polygon today launched a new crypto-focused venture capital firm with $50 million in the bank.

Led by Polygon’s Sandeep Nailwal and Cere Network founder Kenzi Wang, Symbolic Capital launched in May.

And it claims to be different from other venture capital firms because it is run by crypto founders.

Polygon, formerly known as Matic Network, is an interoperability and scaling protocol for launching Ethereum-enabled blockchains. Kenzi Wang’s Cere network is a decentralized data cloud platform.

The company said in an announcement, “We are one of the first venture capital firms led exclusively by web3 founders, enabling us to provide unparalleled support to our portfolio builders.” The term Web3 refers to what some think is the next phase of the internet, which will use blockchain networks and cryptocurrency to be more decentralized and return ownership of data to its users.

“When you look at the crypto VC landscape, it’s rare to find companies that were started by the founders of Web3,” Nailwal added. “We have built blockchain companies from the ground up and know intimately the unique challenges these projects face.”

Symbolic said it plans to focus on supporting startups building decentralized consumer-facing apps. These apps, known as dappsperform similar functions as normal apps, but use blockchain networks and smart contracts (the self-executing computer code that is stored on blockchains) to cut out middlemen. For instance, Uniswap is a popular Ethereum-based app that functions as a decentralized exchange that anyone can use to trade coins and tokens.

Symbolic said it has already pumped money into blockchain game companies Blinkmoon, Planet Mojo and Community Gaming.

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