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Wintermute Announces $20 Million Fund to Support Polygon Dapps

CryptoNewsZ


The Background

With a belief to decentralize the financial sector, Wintermute has been in presence since 2017. It sees the future of finance to be governed by technology instead of traditional players. Wintermute operates across the globe.

Wintermute is an algorithmic trading firm. The regular dealings include digital assets only.

The trading firm stands strong with the investment backing received from Pantera Capital, Lightspeed, DeFi Alliance, Sino Global Capital, Avin Ventures, and Blockchain.com.

The first project that has backed the funding under the strategic partnership of Wintermute and Polygon is Router Protocol. The functions of the project enable a user to communicate across different blockchains.

Cross Blockchain Communication has been trending for a while. It is expected to unlock capital flows and enhance capital efficiency.

The Announcement

The strategic partnership of Wintermute and Polygon has yielded many fruits in the past. The recent one is a major highlight as it has backed the first fund of $20M to grow the ecosystem of Polygon.

The reference here is to Router Protocol becoming the first project to back the fund under the strategic partnership of Wintermute and Polygon.

The announcement was made by Wintermute through its official press statement.

Polygon’s blockchain network extends its support to many developers. By allocating the funds to different projects, the strategic partnership aims to support the projects that utilize the blockchain network of Polygon in an innovative manner.

The statement quotes more points under the objectives of allocating the funds to different innovative projects. These are related to facilitating development support, liquidity provision, advice on business strategy, and support for exchange listings.

Being a trader on Polygon itself, Wintermute has been operating the exchange platform since early 2021. It has so far traded more than an estimated figure of $500 million every month.

It will extend its supportive arms to the projects that are being funded by co-developing and integrating the protocols to the ecosystem of Polygon.

The funding program aligns with the efforts of both companies to integrate protocols on Polygon. The same was said by Evgeny Gaevoy, the Chief Executive Officer of Wintermute. He called the partnership with Polygon a natural progression and added that he has come across many exciting projects.

Arjun Kalsy, the Vice President of Growth at Polygon, said that he wanted to ensure that only the best enablers are created for existing and upcoming entrepreneurs. He also said that the users would get access to the high-performance and low-cost infrastructure of Polygon.

Final Thoughts

With Router Protocol becoming the first project to receive the funds, other projects have surely seen a ray of hope for their better future.



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