The Polygon ecosystem is receiving a major funding boost thanks to a new joint venture fund with blockchain venture capitalist AU21 Capital, which is setting the stage for a wider adoption of the Ethereum-compatible infrastructure platform.
The $ 21 million Polygon Ecosystem Fund announced Wednesday is designed to provide direct financial support for promising projects being built on Polygon. The fund will provide marketing and business development support as well as human capital incentives.
Receiving support from AU21 is a source of strength for 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 that participated in the Cere token offering, which sold out in 1 hour.
Alexi Nedeltchev, manager of the AU21 Polygon Ecosystem Fund, said there were several reasons why he decided to support Polygon-based projects:
“First, the coordination of Polygon with Ethereum allows us to capture an already active ecosystem. Second, the exceptional development potential of Polygon has already been realized through a series of partnerships with the main Defi protocols, creating an important framework for the future development of Polygon’s infrastructure «.
Polygon has received considerable media attention in recent months amid signs of a growing adoption of the network. As Cointelegraph reported earlier, the platform managed to attract 75,000 new users over a seven-day period in May, highlighting the growing demand for layer 2 decentralized applications.
Billionaire investor and Dallas Mavericks owner Mark Cuban also backed Polygon. The blockchain project is now in the market for Cuban companies, which means their financial support. Cuban told Cointelegraph that he is an “active user” of Polygon and that his “user base is growing exponentially.”