Polygon Raises $50M for Emerging Markets-Focused Web3 Venture Fund

Sandeep Nailwal, the founder 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. Polygon Receives Support From Crypto Exchanges According to Symbolic Capital, Nailwal’s venture firm received support from crypto exchanges, protocols, and auditing companies specializing in cryptocurrencies. Three blockchain-focused gaming firms, BlinkMoon, Planet Mojo, and Community Gaming, have already received funding from Symbolic’s fund but kept these startups’ early funding sources secret. According to reports from last week, Shima Capital’s private cryptocurrency fund raised around $200 million, prompting the move. Former presidential candidate Andrew Yang, hedge fund billionaire Bill Ackman, and the cryptocurrency-focused venture company Dragonfly Capital are among the company’s limited partners. CoinFund Raised $300 Million Funds In the same week, CoinFund, a company specializing in digital assets, raised $300 million for its newest venture vehicle, using the money to fund future investment rounds. Since 2015, venture capitalist David Pakman’s CoinFund has invested almost $1 billion in seed-stage businesses. The fact that the firms have started amid the “crypto winter,” as market participants have termed it, suggests a growing interest in opportunistic methods since both the private and...