Cryptocurrency News

Polygon and AU21 Capital Unveil $21M Fund to Support Polygon Developers

polygon The ecosystem is getting a major funding boost thanks to a new joint venture fund with blockchain venture capitalist AU21 Capital, which sets the stage for widespread adoption of an Ethereum-compatible infrastructure platform.

The $21 million Polygon Ecosystem Fund, announced Wednesday, is designed to provide direct funding support for building promising projects on top of Polygon. The fund will offer business development and marketing support as well as human capital incentives.

Gaining support from AU21 is a source of strength from Polygon, given the venture capital firm’s track record in supporting highly successful projects, including The Graph, Casper Labs and Elrond, among others. AU21 was one of several companies participating in the Cere token offering, sold out in 1 hour.

Alexey Nedelchev, manager of the AU21 Polygon Ecosystem Fund, said the main reasons why he decided to back Polygon-based projects were:

“First, the coordination of Polygon with Ethereum allows us to capture an already active ecosystem. Second, the multiple partnerships with top DeFi protocols, creating an important framework for future development on Polygon’s infrastructure The extraordinary growth potential of polygons has already been realized through .

There has been a lot of media attention over the past few months amid signs of increasing network adoption. As previously reported by Cointelegraph, the platform was successful. Attract 75,000 new users Over a seven-day period in May, the growing demand for layer-2 decentralized applications was highlighted.

Billionaire investor and Dallas Mavericks owner Mark Cuban has also come out in support of Polygon. The blockchain project is now listed under Market Cuban Companies, a token of its financial backing. Cuba told Cointelegraph That he is an “active user” of Polygon and that its “user base is growing rapidly.”