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Polygon chalks out change of tech guard after exit of two co-founders

Money Control

Money Control · 1y ago

Polygon chalks out change of tech guard after exit of two co-founders

Blockchain unicorn Polygon has undergone a restructuring, leadership changes, and staff layoffs as it plans to achieve long-term goals. Co-founders Jaynti Kanani and Anurag Arjun left the company in March, with Marc Boiron taking over as CEO. Sandeep Nailwal, remaining as chairman of the foundation, cited a change of focus towards zero-knowledge proof (zk) technology as the reason for the co-founders' departure. The company aims to be a backbone for Web 3.0 and has consolidated its product line into four main segments. Polygon has sufficient funds for its plans but remains open to strategic partnerships.

Related News

Polygon co-founder Jaynti Kanani quits

Money Control

Money Control · 1y ago

Polygon co-founder Jaynti Kanani quits

Jaynti Kanani, co-founder of Polygon, has decided to step down from the layer 2 blockchain startup in order to focus on two new ventures he founded in 2023. This comes after Polygon recently underwent executive reshuffling, with Marc Boiron taking over as the new CEO. Kanani expressed his confidence in Polygon's future and stated that he will still contribute and support the project. Kanani, along with Sandeep Nailwal and Anurag Arjun, founded Polygon in 2017 and played a significant role in its growth within the blockchain and crypto community.

Start-up Street: Does it make sense to be a zero-equity co-founder?

Money Control

Money Control · 1y ago

Start-up Street: Does it make sense to be a zero-equity co-founder?

Dalvir Suri, a co-founder of Dunzo, who recently exited the company after six years but had no equity. This raises questions about the legal rights and ownership privileges of such co-founders. Two other co-founders of Dunzo, Mukund Jha and Ankur Aggarwal, also reportedly do not have any equity in the company. The article explores whether it makes sense to be a zero-equity co-founder in a startup.

Sandeep Nailwal’s New Venture Sentient Raises $85 Mn To Take On OpenAI, Llama

Inc42 · 1y ago

Sandeep Nailwal’s New Venture Sentient Raises $85 Mn To Take On OpenAI, Llama

Blockchain startup Sentient Labs, co-founded by Sandeep Nailwal of Polygon, has secured $85 million in seed funding to develop an open-source decentralized artificial intelligence (AI) and artificial general intelligence (AGI) platform. Operating on the Polygon CDK chain, Sentient Labs aims to create a transparent and fair AI ecosystem powered by blockchain technology. The startup plans to launch its testnet in two months and is focused on an open, monetizable, and loyal (OML) model that rewards community contributions, while emphasizing transparency, fairness, and decentralization.

Polygon lays off 60 employees to “enhance performance”

Thehindubusinessline

Thehindubusinessline · 1y ago

Polygon lays off 60 employees to “enhance performance”

Blockchain company Polygon has announced that it is implementing layoffs, with 60 employees, or approximately 19% of its workforce, being let go. The move is said to be aimed at right-sizing the team and improving performance. The company has also mentioned that it will be offering severance packages and health benefits through the end of February. Polygon will be increasing overall compensation and rolling out a streamlined leveling system. Additionally, it plans to restructure its business by spinning off its Polygon Ventures and Polygon ID teams.

First he was a teacher. Then he was China's top tech titan. Now, meet Jack Ma 3.0 — a high-tech farmer.

Business Insider

Business Insider · 1y ago

First he was a teacher. Then he was China's top tech titan. Now, meet Jack Ma 3.0 — a high-tech farmer.

Alibaba co-founder Jack Ma, once the poster child of Chinese tech, faced backlash from Beijing after criticizing Chinese regulators, leading to a crackdown on his business empire. Since then, Ma has disappeared from the public eye and his whereabouts have been the subject of speculation. However, over the past two years, he has been spotted at various institutes worldwide studying high-tech farming. In addition, he recently incorporated a company called "Hangzhou Ma's Kitchen Food" involved in the sales of pre-packaged food and agricultural products. Ma's pivot to agriculture reflects his recognition of issues like climate change and inequality that need to be addressed.

Paytm price band revised to 10% after investors lose ₹15,000 crore in 2 days

Money Control

Money Control · 1y ago

Paytm price band revised to 10% after investors lose ₹15,000 crore in 2 days

The daily limit on shares of Paytm operator One97 Communications has been revised to 10% from 20% on NSE and BSE. The change comes after the stock hit 20% lower circuit for the second consecutive day on Friday, wiping out ₹15,016 crore from investors' wealth in two days. Paytm stock was hit after RBI put curbs on Paytm Payments Bank.

'Finally...': upGrad founder reacts as shareholders ask Byju to step down

Livemint

Livemint · 1y ago

'Finally...': upGrad founder reacts as shareholders ask Byju to step down

Ronnie Screwvala, co-founder of upGrad, has shown support for the push to remove Byju's founders, including Byju Raveendran, as shareholders call for a change in management and the reconstitution of the company's board. Screwvala hopes that this move will benefit India as an investment destination and safeguard the credibility of the ed-tech sector. Byju's, which was valued at $22 billion, has reported widening losses and faced controversies surrounding its financial statements and governance issues.

VC firm MEVP marks second full exit from Fund II, DPI reaches 118%

VCCircle

VCCircle · 8m ago

VC firm MEVP marks second full exit from Fund II, DPI reaches 118%

Middle East Venture Partners (MEVP), a Gulf-focused venture capital firm, has achieved its second full exit from Fund II. The exit was made through a cross-border acquisition of one of its portfolio companies. MEVP specializes in investing in early and growth-stage tech startups and is currently deploying its fourth investment vehicle. This successful exit comes just nine months after its first exit from Fund II. MEVP continues to support the growth of the tech startup ecosystem in the Middle East.

Former Avendus MD floats advisory firm for overseas tech firms

VCCircle

VCCircle · 1y ago

Former Avendus MD floats advisory firm for overseas tech firms

Amit Singh, the former managing director of Avendus Capital, has launched Straatix Partners, an advisory services firm aimed at assisting overseas tech companies. Singh, who spent over 18 years at Avendus, left the company last year to start his own venture. Straatix Partners aims to provide consultancy and guidance to tech firms looking to expand their presence and operations in foreign markets. Singh is joined by two other co-founders in this new venture.

Instagram co-founders' AI-powered news app Artifact may not be shutting down after all

TechCrunch · 1y ago

Instagram co-founders' AI-powered news app Artifact may not be shutting down after all

Artifact, the news discovery app created by Instagram co-founders Kevin Systrom and Mike Krieger, was set to shut down in February 2024 due to a lack of market opportunity. However, it seems that Systrom and Krieger have decided to keep the app running for the time being, as it requires less resources to maintain than anticipated. While the future of Artifact is uncertain, the co-founders are exploring all possibilities to keep the app alive, including potential exit deals. Despite the removal of its social features, the app still offers personalized news reading and AI-based summarization.

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