Polygon ecosystem is reportedly getting a massive boost thanks to the new joint venture fund with blockchain venture capitalist AU21 Capital. That has set the stage for widespread adoption of the Ethereum-compatible infrastructure platform.
The joint venture fund aims to offer funding, developmental support, and crypto exchange listings to the forthcoming Polygon ecosystem projects. This $21 million Polygon Ecosystem Fund that was announced on June 2, 2021, is created to offer direct funding support for promising and upcoming projects that are building on top of Polygon.
The money acquired will offer business development and marketing support, and human capital incentives. Getting support from AU21 is a viable source of strength Polygon since the venture capital firm’s track record in supporting most of the highly successful projects like Casper Labs, The Graph, and Elrond, among others.
AU21 was one of the many companies that participated in the Cere token offering that sold out in one hour. The manager of the AU21 Polygon Ecosystem Fund, Alexi Nedeltchev, mentioned that there were two main reasons why he chose to back the Polygon-based projects:
“First, Polygon’s coordination with Ethereum allows us to capture an already active ecosystem. Second, Polygon’s exceptional development potential has already been realized through several partnerships with top DeFi protocols, creating an important framework for future development on Polygon’s infrastructure.”
Polygon has got significant media attention in the last several months amid some signs of growing network adoption. Based on previous reports, the platform managed to get up to 75,000 new users within 7 days in May. It highlighted the growing demand for layer-2 decentralized applications.
Mark Cuban, the billionaire investor, and Dallas Mavericks owner, has also come out publicly in support of Polygon. This blockchain project is now listed under the Market Cuban Companies that signifies his financial backing. Cuban mentioned that he is an ‘active user’ of Polygon, and its “user base is growing exponentially.”