Polygon founder's Beacon accelerator to bolster Web3, bringing 1B users into the space
- Sandeep Nailwal collaborates with other crypto executives to bridge the gap between founders and potential investors.
- Beacon program first cohort kicked off in October and is expected to end with a live-streamed Demo Day in January.
- Polygon price falls 12% in a week as crypto markets navigate fierce headwinds following the collapse of FTX.
Beacon, the brainchild of Sandeep Nailwal, the co-founder of the tenth largest cryptocurrency in the market – Polygon (MATIC), is designed to accelerate the process of building Web3 solutions and products. Founders spend a lot of time seeking potential investors, and the Beacon accelerator program is here to remove the barriers and hasten the development process.
Crypto industry leaders collaborate to launch Beacon
The co-founder of Polygon, Sandeep Nailwal, brought together renowned cryptocurrency executives to build the Beacon accelerator program, including Uri Stav, the former chief security officer at Digital Currency Group – CoinDesk's parent company. The former Vice President of Sequoia Capital, Prateek Sharma and Kenzi Wang, the co-founder of Symbolic Capital, also form the team.
Sandeep Nailwal believes that Beacon has come at the right time when wider cryptocurrency adoption is much-needed. The Polygon founder told CoinDesk that he is looking forward to "bringing the next one billion users into space."
He admits adoption of cryptocurrencies and Web3 solutions is at a huge disadvantage due to the recent happenings, especially with the crisis that led to FTX's collapse.
"However, if we can support the best founders and accelerate projects serving real customer needs, adoption will happen – it's inevitable," Nailwal said, expressing confidence in his team.
The Beacon accelerator program started in October and is already nurturing 30 founders from 15 companies in the decentralized finance (DeFi) sector, as well as the infrastructure and consumer applications.
Beacon hopes its in-house software linking founders and potential investors will enable it to stand out from other accelerators. A platform where investors can review projects has been launched to allow access to video pitches while providing a direct channel for them to request introductions.
The first cohort will be in session until January when a live-streamed Demo Day will occur. Beacon will bring over 300 investors together to listen to the founders' pitches on this day.
Can Polygon price sustain recovery after freefall to $0.7580?
Polygon price is back in the green after declines extended below tentative support at $0.7870. Before the price dropped, MATIC attempted to break out above a crucial falling trend line. However, overhead pressure snuffed out its bullish dreams, paving the way for a colossal plunge to $0.7580.
MATIC/USD eight-hour chart
Following the support at $0.7580, Polygon price climbed to trade at $0.8030. The Moving Average Convergence Divergence (MACD) indicator might validate a buy signal in the same eight-hour time frame. If buyers heed the call, MATIC will likely push past the dotted trend line. A break above the upper trend line (continuous line) will add credence to the uptrend.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
