Polygon has partnered with technology innovation management firm Lumos Labs to launch the PolygonLEAP Accelerator 2021 that aims to support Indian startups operating in the Web3 space. The partnership aims to build innovative token economies and get access to mentorship, the ecosystem and marketing support.
Elevation Capital, Lightspeed, Jump Capital, Woodstock Fund, Sino Global Capital, and Buidlers Tribe joined as investment partners and mentors.
Polygon is an Ethereum scaling and infrastructure development platform with a suite that offers developers access to major scaling and infrastructure solutions including L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, standalone and enterprise chains, data-availability solutions and more.
It claims to host more than 3,000 applications, having processed more than one billion transactions from more than 100 Mn unique user addresses, and securing digital assets worth $5 Bn.
Founded in 2018, Lumos Labs is a Singapore-based innovation management firm that specialises in running technology innovation programs. The company has run several accelerators and open innovation programs for domestic and international technology firms, corporations, governments and investment firms
Polygon has set aside $250k for Indian startups building interesting projects on the layer 2 solution. The startups participating also stand the chance to raise a pre-seed/seed investment round of over $9 Mn from the investment partners. All these investments are contingent on a due diligence process and afford refusal rights to both the funds and the startup founders.
“Polygon seeks to empower Web3 developers by providing an accessible and scalable infrastructure. We look forward to working with Lumos Labs and inviting passionate innovators in India to build on Polygon” said Sandeep Nailwal, cofounder of Polygon.
The global blockchain market is expected to grow from $4.9 Bn in 2021 to $67.4 Bn by 2026 at a CAGR of 68.4%. The major driving forces contributing to this growth are increased venture capital funding and investments in blockchain technology along with increased use of blockchain solutions in banking and cyber security. The rapid adoption of blockchain solutions for payment, smart contracts, and digital identities and government initiatives are other contributors to this growth.
“We are excited to onboard web 3.0 startups and enhance these solutions further with expert guidance and support in partnership with the PolygonLEAP 2021 Accelerator. We hope to see a lot of web 2.0 startups looking to come into web 3.0 with numerous innovative and robust solutions and hope to support them till the end.” Kaavya Prasad, cofounder, Lumos Labs said.
Registrations for the program are open as of today, and will remain open till February 4, 2022. Over a four-month period, participating startups will build unique blockchain-based solutions along several tracks including entertainment, decentralised applications and open innovation.