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The joint venture fund will give finance, development assistance, and exchange listings to emerging Polygon ecosystem enterprises.
Polygon’s ecosystem is getting a huge cash boost owing to a new joint venture fund with blockchain venture investor AU21 Capital, paving the way for the Ethereum-compatible infrastructure platform’s wider adoption.
The $21 million Polygon Ecosystem Fund, which was announced on Wednesday, is intended to give direct financing assistance to potential enterprises built on top of Polygon. The fund will provide assistance with business growth and marketing, as well as human capital incentives.
Polygon sees AU21’s assistance as a source of strength, considering the venture capital firm’s track record of backing extremely successful ventures such as The Graph, Casper Labs, and Elrond, among others. AU21 was one of the firms that took part in the Cere token sale, which sold out in less than an hour.
Alexi Nedeltchev, manager of the AU21 Polygon Ecosystem Fund, stated that he chose to support Polygon-based enterprises for two reasons:
“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 a number of partnerships with top DeFi protocols, creating an important framework for future development on Polygon’s infrastructure.”
Polygon has attracted significant media attention in recent months, owing to indicators of increasing network use. As previously reported by Cointelegraph, the platform attracted 75,000 new users in a seven-day span in May, demonstrating the rising demand for layer-2 decentralised apps.
Mark Cuban, owner of the Dallas Mavericks and a billionaire investor, has also shown his support for Polygon. The blockchain initiative is currently listed on the Market Cuban Companies, indicating his financial support. According to Cuban, he is a “active user” of Polygon, and its “user base is growing exponentially.”