Technology
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.
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.
“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
Hollywood
Tom Holland to star alongside Matt Damon in Christopher Nolan’s next, will juggle that with Spider-Man 4 in 2025
Tom Holland, last seen in Apple TV show The Crowded Room last year, has signed his next with Academy Award-winning filmmaker Christopher Nolan.
Tom Holland is going to have a very busy 2025. As per The Hollywood Reporter, the actor has signed Christopher Nolan’s next, which he will juggle the filming of with that of the long-awaited Spider-Man 4. (Also Read – Tom Holland shares why he left alcohol behind: ‘Struggling without booze…’)
Tom signs Nolan’s next
This will mark the first collaboration between Tom and Christopher. While details of his next directorial aren’t known yet, it’s most likely not to have a contemporary setting. It’ll be either set in the past like, his previous film Oppenheimer (2023), or in the future like Interstellar (2014). Matt Damon, who has worked with Christopher in both, has also come on board his next.
Christopher’s next will be co-produced by him and his wife Emma Thomas’ banner Syncopy Inc and Universal Pictures, as the two production houses will team up after the Academy Award-winning blockbuster Oppenheimer last year. Prior to Oppenheimer, Christopher collaborated mostly with Warner Bros before having a fallout post the debacle of Tenet (2020).
Warner Bros then went on to produce Greta Gerwig’s musical satire Barbie, which clashed with Oppenheimer at the box office and even outperformed it globally. Warner Bros offered Christopher a cheque for the fees he waived off for helming Tenet during the pandemic. While Christopher graciously accepted the belated remuneration, he still went on to pitch his next to Warner Bros.
Tom’s busy schedule
Tom didn’t have any release this year. His last outing was Todd Graff’s psychological thriller show The Crowded Room on Apple TV last year. He’ll juggle the filming of Christopher Nolan’s next and Spider-Man 4 in 2025. Tom has been playing the superhero ever since Russo Brothers’ 2016 blockbuster Captain America: Civil War. He’s slipped into the Peter Parker shoes post that for three standalone films and two Avengers movies. Spider-Man 4 will be helmed by Shang-Chi and the Legend of the Ten Rings director Destin Daniel Cretton.
As Tom’s girlfriend and co-star Zendaya will be busy filming Spider-Man 4 in 2025, she’ll reprise her role of Chani in Denis Villeneuve’s sci-fi spectacle Dune 3 only in 2026. Meanwhile, Tom is also likely to make an appearance as Spider-Man in Russo Brothers’ Avengers: Doomsday, which will go on floors in the spring of 2025.
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