P2 Ventures, a blockchain-focused venture capital firm spun out late last year from developer Polygon Labs, has committed $50 million to support startup founders in a move that could kindle new projects in the Polygon ecosystem.

The investment by P2 Ventures will go to founders through Hadron FC, a founder program with campuses in Dubai and New York, according to a press release. The program comes with mentorship, legal and regulatory assistance, networking opportunities and "comprehensive support to navigate the complexities of startup development and raise capital," the release said. Among the initial 36 projects onboarding, several "engaged in a week of in-person co-building at the facility in Dubai."

The announcement "signals our confidence in Hadron Club's unmatched ability to fuel the ambitions of visionary founders within the Polygon ecosystem," said Shreyansh Singh, head of investments at P2 Ventures.

Hadron FC core contributor Ajit Tripathi said that the community had the "right combination of support, capital and vibes."

P2 Ventures was initially part of Polygon Labs – the primary developer of the various Polygon layer-2 networks atop Ethereum – but was spun out as a separate unit with its 10-person team late last year, and rebranded to P2 Ventures.

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Bradley Keoun

Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.