Symbolic Capital, a venture capital firm launched in May by Polygon founder Sandeep Nailwal and Cere Network founder Kenzi Wang, has raised a $50 million VC fund, led by investors including other venture companies, crypto exchanges, family offices, and institutions, though they did not share specific names.
The aim of Symbolic Capital is to support Web3.0 developers in areas that naturally have little access to Venture Capital funding. Established companies and funds are backing symbolic in the digital currency ecosystem, including exchanges, family offices, and institutions.
According to the TechCrunch report, Symbolic Capital has already injected funds into 15 startups, including BlinkMoon, Community Gaming, and Planet Mojo. Riding on his role as an established Web3.0 veteran, Nailwal said the funds are not for everybody but for those who hail from emerging markets.
“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,” Nailwal told TechCrunch.
“It’s not closed for anybody who’s building in Silicon Valley, of course not. But being from India, like, technically, I would be an angel investor or an advisor to 95% of all the good projects that you would see coming out of the Indian subcontinent — they would come to me some way or the other, for help or guidance,” Nailwal said.
Nailwal co-founded Polygon in 2017 in India before relocating to Dubai two years later. In an interview with Bloomberg, Nailwal said he left his home country due to a lack of regulatory clarity around crypto.
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