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Polygon’s big fundraise gives firm institutional heft

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3 years ago

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Polygon’s big fundraise gives firm institutional heft

These are the two of Sandeep Nailwal, co-founder of Ethereum scaling and infrastructure development platform Polygon, who has decided to sell $450 million worth of native tokens to 40 large VC firms including Tiger Global and others with his co-founder Key reasons, SoftBank Vision Fund II and Sequoia Capital India.

Startups in the Web3 space often prefer to get funding from crypto-native VCs because they can provide technical knowledge and infrastructure. Multiple experts told ET that capital is a commodity in the space, as startups have the ability to go public on day one. This round demonstrates the growing interest of traditional funds in investing in crypto and blockchain startups, even if it means choosing non-traditional ways to invest in these companies.

According to market tracker Coinmarketcap.com, Polygon’s native token, Matic, would have a fully diluted market cap of nearly $20 billion over five years — if all its 10 billion tokens were in circulation.

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In an exclusive interview with ET, Nailwal said he has been considering whether to accept institutional funding for the past six months. After all, prior to this funding round, Polygon’s funding — the money used to grow the Polygon ecosystem controlled by its founders — represented nearly 20-25% of the total token supply, or roughly $4-5 billion.

“I doubt if I should. Do we still need money? I’m even questioning whether we need institutions…but look at some of the other projects in Silicon Valley and when they are less than 10x lower than us by any organic matrix The mental space they get, I realize that this kind of institutional firepower is required,” Nerval said.

In the past three months, Nailwal has changed his mind, and he hopes to increase the company’s daily transaction volume from 4 million to 100 million in the next 18 months.

As part of its institutional round, the company sold its native token for 40% less than the average market price, which is around $2 as of this writing. Investors have a 3-year lock-up period, so 33% of investor tokens will vest each year.

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“We are now moving towards a new phase of our growth, when we interact with institutions, banks and large financial entities, they don’t understand us, but they understand the language of institutions, when people like Sequoia, Softbank, Tiger are on a global scale Inside, these people are investing in us, which gives them a certain legitimacy,” Nailwal said. “Many of them will provide us with institutional thinking space that we don’t get as a non-Silicon Valley company. It’s not just about the money.”

Complete News Source : The Economic Times

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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3 months ago

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January 30, 2025

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

instantbollywood.com

Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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