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Polygon’s big fundraise gives firm institutional heft

Published

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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Music

While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

Published

3 weeks ago

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January 2, 2025

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While a Punjabi vocalist croons, PM Modi replicates Diljit Dosanjh’s beats and beats the table like a dholak. Observe

Prime Minister Narendra Modi recently met acclaimed singer- actor Diljit Dosanjh, describing their interaction as “very memorable.” 
Prime Minister Narendra Modi met singer-actor Diljit Dosanjh and lauded him as “a combination of talent and tradition.” During the “memorable’ meeting”, the two discussed music, culture, and India’s vibrancy, including yoga.

Diljit, PM Modi match beats

During the meeting, PM Modi praised Diljit for his achievements, saying, “When a boy from a small village in Hindustan shines on the global stage, it feels amazing. Your family named you Diljit, and you keep on winning people’s hearts, just as your name suggests.”

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Diljit responded, “We used to read that ‘Mera Bharat Mahan’ (My India is great), but when I travelled across India, I realised why people say this.” PM Modi highlighted India’s diversity, saying, “India’s vastness is its strength. We are a vibrant society.”

Diljit added, “The greatest magic in India is yoga.” PM Modi agreed, saying, “Those who have experienced yoga know its power.”

The singer-actor also admired PM Modi’s personal journey, saying, “I had watched your interview, sir. The position of Prime Minister is great, but behind it, there is a mother, a son, and a human being. Many times, this half-truth is much larger when you carry your mother and the sacred Ganga with you. That touches the heart.”

Diljit then sang a song on Guru Nanak, as PM Modi listened intently, beating the adjacent table like a dholak, matching his beats with Diljit’s.

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Diljit, PM Modi express grattitude

After the meeting, Diljit Dosanjh expressed his gratitude, calling it a “fantastic” way to start the year. He posted on X, “A fantastic start to 2025. A very memorable meeting with PM @narendramodi Ji. We talked about many things, including music, of course!”

PM Modi responded to Dosanjh’s post, describing their meeting as “a great interaction.” He said, “A great interaction with Diljit Dosanjh! He’s truly multifaceted, blending talent and tradition. We connected over music, culture, and more.”

Diljit recently concluded his Dil-Luminati tour in India with a grand performance in Ludhiana. Throughout his concerts at various venues, the singer aimed to address important social issues during his performances.

In a lighthearted and endearing moment, Prime Minister Narendra Modi was seen enjoying the beats of a Punjabi vocalist, tapping the table in rhythm like a dholak player during a recent cultural event. The video, which has since gone viral, showcases PM Modi replicating the infectious energy of Diljit Dosanjh’s iconic beats, capturing the essence of Punjabi music’s vibrancy and rhythm.

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The event brought together various cultural performers, with one Punjabi vocalist stealing the spotlight. As the singer crooned traditional Punjabi tunes, PM Modi, seated among other dignitaries, began enthusiastically tapping the table in sync with the music. His gestures resembled a seasoned dholak player, displaying his spontaneous connection with the pulsating beats.

The audience present erupted in applause, cheering on the Prime Minister’s engaging participation. Social media users were equally charmed, with many praising Modi’s ability to connect with the cultural diversity of India. “Modi Ji has the rhythm of a true Punjabi!” one user commented, while another said, “This is the energy we love to see in our leader.”

The moment also highlighted PM Modi’s commitment to celebrating India’s rich cultural heritage. His natural enjoyment of the performance reflects his appreciation for the art and music that unify the diverse communities of India.

Such lighthearted and relatable gestures from leaders often resonate deeply with the public, making them feel connected on a personal level.

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#PMModi #DiljitDosanjhBeats #PunjabiMusicVibes #CulturalCelebration #DholakBeats #IndiaUnity #MusicConnects #ViralMoment #PMModiInAction #PunjabiHeritage

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