Seven Seven Six, the venture capital firm of Reddit’s co-founder Alexis Ohanian, and Polygon has signed a new agreement to back new projects that work with Web 3.0 initiatives. The $200 million initiative would also have a focus on gaming apps and social media platforms. The goal is to expand not only Web 3 applications but also help the Polygon ecosystem expand.
Polygon and Venture Capital Firm Launch a New $200 Fund
Polygon projects would now be able to receive funding through this new partnership between Polygon and Seven Seven Six. With the expansion of other blockchain networks besides Ethereum (ETH), the ecosystem was searching for new projects that would be able to bring innovative solutions to cryptocurrencies and blockchain networks.
Polygon become one of the largest networks in the world. Investors and developers paid close attention to this network that offered new and unique solutions to crypto users. One of the main characteristics of Polygon (MATIC) is that it makes it easy for users to send and receive transfers. Compared to Ethereum Polygon is fast and cheap to use, which lets projects create innovative solutions without having to be worried about congestion.
Sandeep Nailwal, the co-founder of Polygon, said about this new fund to help Web 3 projects on top of this blockchain network:
“[Social media business models have] a profound impact on our world. Users create the value, control the network and reap the rewards.”
This is the first time that Seven Seven Six decides to work with Web 3 initiatives. Let’s not forget that other companies such as Facebook are also now focusing on different Metaverse solutions that are usually linked to virtual currencies, virtual land and other types of innovative projects.
Polygon is now the 14th largest virtual currency in the world. With the expansion experienced by digital assets in recent years, Polygon has definitely been one of the most remarkable projects. MATIC is nowadays a larger digital asset than many legacy projects such as Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH) or Monero (XMR), among others.
With the ecosystem growing and becoming more mature, it could be possible for MATIC to reach even higher positions in the crypto market. There are many different opportunities for projects to develop their initiatives on top of Polygon. This new fund is expected to help Web 3 and similar projects to find a great place to develop their solutions.