From his childhood living in a ghetto on the east bank of the Yamuna river in Dehli to launching the $6-billion Polygon blockchain, Sandeep Nailwal has an incredible rags-to-riches tale.
Now happily ensconced in the futuristic, air-conditioned cityscape of Dubai, he tells Magazine he was born in a farming village in 1987 with no electricity called Ramnagar in the foothills of the Himalayas.
His parents married as teenagers and then packed up home when Nailwal was just four to try their luck in Dehli. They wound up in the poor settlements on the east banks of the river, often dismissively referred to as Jamna-Paar.
“Imagine the Bronx in New York,” Nailwal says. “It was like a tier-three area. Even now, when you go there is a very kind of ghetto-ish area.”
An image of part of the Jamna-Paar area in Dehli. (thecitizen.in)
He remembers lots of cows roaming the roads and illegal guns, though he says knives were the weapon of choice. “When stuff needs to be done, then knife is the best tool,” he says of the attitude.
The Oscar-winning film ‘Slumdog Millionaire’ was renamed in India. Crore equates to 10 million rupees. (Amazon)
Nailwal didn’t attend school until he was five, in a country and period where many schools accepted children as young as two and a half, mainly because his parents didn’t know any better.
“My father and mother both were kind of like illiterate people; they did not even realize that the kid should be sent to a school after three years or whatever. So, somebody in my area who used to have a small school said: ‘Why is your kid not going to school?’ And then I started going to school.”
He waves at an ordinary-sized room behind him in Dubai, saying the school was “almost the same size” with 20 kids crammed in. Home life wasn’t much better.
“My father became an alcoholic and got into gambling. So, he would make like $80 to $90 a month, and out of that, generally many times, he would lose all of it,” says Nailwal. As a result, the family was often behind on paying the school’s monthly fees, “so they will make you stand outside, and it’s basically a very traumatic experience as a kid.”
Experiences like that in his formative years helped Nailwal understand the kind of man he didn’t want to be and forge his determination to succeed. Now the head of his own family, with a young child named Adi, he says becoming a dad made him reflect on how he hopes to do things better than his own father. But the conversation takes a surprising turn when Nailwal reveals he was actually thrust into a paternal caring role, looking after his baby brother when he was just 10.
“I would say in a way, my first son is my own brother,” he says, his voice becoming thick with emotion. “So, basically, when he was very young, he met with an accident at that point in time. So, I would say that’s where my childhood ended basically because I had to take care of him.”
Young entrepreneur
Nailwal got his start in business as a teenager, selling pens from a friend’s shop at a decent markup in school and tutoring other students. After he graduated, he hoped to take an insanely competitive engineering exam for the Indian Institutes of Technology (IIT) but couldn’t afford the extra tuition he needed to get an edge among “1 million students fighting for around 5,000 seats.”
He ended up getting accepted into the tier-two MAIT college in Dehli and took out a loan to put himself through a computer science and engineering degree.
Supremely ambitious and possibly a tad overconfident, he saw his future going down two possible paths based on two notable role models: Either join a company and work his way up to become “global CEO” like PepsiCo’s Indra Nooyi or start up a revolutionary internet business like Mark Zuckerberg did with Facebook.
“I was inspired by all this hype around Facebook in 2004, 2005,” he says, recalling the intense media coverage of Zuckerberg in India at the time. “I said to myself — and it was very stupid at that time — like I want to build my own Facebook. That’s why I chose computer science.”
Sandeep Nailway in Cointelegraph Top 100 2023. (Cointelegraph)
During his university degree, his talents in data analysis saw him get a gig working on electorate analysis work for the regional BJP party — now India’s ruling party. After a short stint in the workforce after university, he returned to study at the National Institute for Training in Industrial Engineering (now the Indian Institute of Management) to get his MBA, where he met his wife, Harshita Singh.
Although a highly regarded employee at Deloitte, and then Welspun textiles, where he was quickly promoted to head of technology for e-commerce, Nailwal never stopped working on his own projects. He’d spend all day at work, then go home and work on projects like a GPS-based system to optimize cargo vehicle deliveries or a B2B service platform for project management.
Nailwal says he felt he wasn’t able to pursue a startup full-time, as he felt cultural pressure and a responsibility to get his family out of the one-bedroom rental they were in and into their own home. And nobody would give a home loan to a 27-year-old with intermittent income from a fledgling business.
But Harshita one day said, “You will never be happy this way,” he recalls. “She said, ‘I don’t care about my own house; we can stay and rent.’ That was a very big burden away from me.”
In his last month of work, he borrowed $15,000 so he could afford to pay for a wedding one day, and then started to work on the B2B services marketplace full time, which he ran for a year until he realized it would never scale up the way he wanted.
Bitcoin revolution
Instead, he looked to get into “deep tech,” first considering then abandoning AI as it was beyond his mathematical abilities. Bitcoin was starting to get some press at that time due to the upcoming halving in 2016.
Nailwal had heard about Bitcoin back in 2013 but initially wrote it off as “some sort of Ponzi scheme.” After discovering it had lasted the distance, he thought it worthy of further investigation. Reading the “beautifully written” white paper, he realized:
“Oh, this is big — this is the next revolution of humanity.”
Converted, he was desperate to get “skin in the game” and, over the next three months, tipped the $15,000 wedding loan into Bitcoin at $800 a piece. Looking back, he says it was an insanely risky move given his finances at the time.
“The level of FOMO I had, it would have been exactly the same if I was one year late. And I would have done the same thing at $20,000. Yeah, and I would have lost all that money, and it would have been really, really problematic for me.”
But as a builder, he wanted blockchain to be about more than just payments, which led him to Ethereum’s full programmability. “I was like this is the thing, this is the thing I want,” he says.
Sandeep Nailwal and Anurag Arjun in the early days of Matic. (Twitter)
Throwing himself into the space, Nailwal founded a blockchain services startup called Scope Weaver in 2016 and became well-known as a moderator on local Ethereum forums. That’s where he met a “hardcore programmer” named Jaynti “JD” Kanan, who kept suggesting he spend his $400,000 Bitcoin stash investing in his startup ideas.
Initially, Nailwal wasn’t keen, but then Ethereum started to struggle with its own popularity during the 2017 bullrun, most notably after a 600% increase in transaction fees from CryptoKitties made the blockchain all but unusable.
Kanan suggested they work on fixing Ethereum’s scaling problems by developing the layer-2 Plasma technology proposed by Vitalik Buterin and Joseph Poon in August that year, which helped offload transactions to faster and less crowded side chains. Nailwal agreed and helped raise $30,000 in seed funding to build a product, with Anurag Arju joining as another co-founder and Matic Network officially launching in early 2018. The project was bootstrapped on the smell of an oily rag. All up, he says, the Matic Network survived for its first two years on $165,000 of total funding.
Rewinding to August 2018, we delve into an insightful discussion with Sandeep Nailwal, CEO of Polygon Labs, who foresaw the potential of $MATIC in its infancy.
Sandeep’s foresight was evident as he led conversations on crypto interoperability way back… pic.twitter.com/k2hGBmn2wO
Having watched endless projects raise millions with vaporware initial coin offerings, the team was determined not to launch a token sale until they had a product.
They would come to regret this decision bitterly. Launching directly into the great crypto market crash of early 2018, the ICO market was strong for a few months after but petered out by the time their runway was growing short.
“We kind of ignored that opportunity,” he says. “Which was really, really painful later on.”
“We had this huge opportunity of raising $10 million. We left it; we did not do it. And now we have no money to build. I remember that one time I had to almost beg one of the other founders of one project from India to grant us $50,000 so that we can run for three more months.”
Shortly before his marriage, Nailwal traveled to pitch to a Chinese fund that seemed keen to invest $500,000 in the struggling project. He recalls being delighted two days before his marriage, with a house full of guests, that everything was going to be OK.
His wedding to his wife Harshita Singh. (Facebook)
“Everybody’s happy, and I’m also content that we will get $500,000 now (for Matic Network), and suddenly, Bitcoin goes from $6,000 to $3,000. That fund after that simply said, ‘No, we will not invest now because we were going to invest 100 BTC; now the value is half, so we are not investing.’”
Even worse, the project’s treasury was still in Bitcoin and had also halved in value.
“That was a very traumatic experience for me around that point because I should not have speculated on this money, which is the company’s Treasury,” he says, meaning that he should have cashed out or turned it into stablecoins.
“So, I was really angry at myself, and this thing went away. By that time, we had like seven, eight, 10 people [in Matic]. They are also [attending] my marriage, and we are enjoying it and all that but deep down, I know that ‘shit, we might not have this team in the next two, three months.’”
His wedding to his wife Harshita Singh. (Facebook)
Binance is actually diligent
Toward the end of 2018 and early 2019, the opportunity came up to raise funds in an initial exchange offering on Binance Launchpad. While the U.S. Commodity Futures Trading Commission thinks Binance is a bunch of cowboys who will accept any old bus pass as Know Your Customer verification, Nailwal says the exchange’s due diligence was possibly too diligent.
“Nobody believed that there could be a protocol coming from Indian co-founders. And there were two or three projects which turned out to be scams, and everybody was very wary,” he says. Matic ended up going through eight months of evaluation before getting the nod to raise $5.6 million in $300 lots to the winners of a ballot.
Nailwal says, “At that point in time, $5 million was a very good amount.”
“If Binance had said, ‘You can raise $1.5 million or $1 million,’ we would even settle for that because we had a struggle for survival. But once we launched on Binance, things became much better.”
That marked a turning point for Matic, which survived the 2020 pandemic market crash and grew from fewer than 1,000 daily users at the end of that year to surpass Ethereum’s user numbers with 550,000 in October 2021. It also flipped Ethereum’s transaction numbers that year, too. Rebranding as Polygon, it surged from a market cap of $87 million at the start of 2021 to almost $19 billion by the end of the year.
Nailwal was now one of the richest and most successful people in the cryptocurrency industry. But he wasn’t satisfied, by a long shot.
“Being in top 10, top 15 projects brings no satisfaction to me. It’s very clear in my mind that I want Polygon to have that kind of impact which Ethereum and Bitcoin have had.”
Look out for part two, which tells the story of how Polygon became one of the key players in the space and Nailwal’s plans to make it a top-3 project.
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Andrew Fenton
Based in Melbourne, Andrew Fenton is a journalist and editor covering cryptocurrency and blockchain. He has worked as a national entertainment writer for News Corp Australia, on SA Weekend as a film journalist, and at The Melbourne Weekly.
It might feel like it’s been even longer for the prime minister at the moment, but it’s been a whole year since Sir Keir Starmer’s Labour Party won a historic landslide, emphatically defeating Rishi Sunak’s Conservatives and securing a 174-seat majority.
Over that time, Sir Keir and his party have regularly reset or restated their list of milestones, missions, targets and pledges – things they say they will achieve while in power (so long as they can get all their policies past their own MPs).
We’ve had a look at the ones they have repeated most consistently, and how they are going so far.
Overall, it amounts to what appears to be some success on economic metrics, but limited progress at best towards many of their key policy objectives.
From healthcare to housebuilding, from crime to clean power, and from small boats to squeezed budgets, here are nine charts that show the country’s performance before and after Labour came to power, and how close the government are to achieving their goals.
Image: Sir Keir Starmer has been in office for a year. Pic Reuters
Cost of living
On paper, the target that Labour have set themselves on improving living standards is by quite a distance the easiest to achieve of anything they have spoken about.
They have not set a specific number to aim for, and every previous parliament on record has overseen an increase in real terms disposable income.
The closest it got to not happening was the last parliament, though. From December 2019 to June 2024, disposable income per quarter rose by just £24, thanks in part to the energy crisis that followed Russia’s invasion of Ukraine.
By way of comparison, there was a rise of almost £600 per quarter during the five years following Thatcher’s final election victory in 1987, and over £500 between Blair’s 1997 victory and his 2001 re-election.
After the first six months of the latest government, it had risen by £144, the fastest start of any government going back to at least 1954. As of March, it had fallen to £81, but that still leaves them second at this stage, behind only Thatcher’s third term.
VERDICT: Going well, but should have been more ambitious with their target
Get inflation back to 2%
So, we have got more money to play with. But it might not always feel like that, as average prices are still rising at a historically high rate.
Inflation fell consistently during the last year and a half of Rishi Sunak’s premiership, dropping from a peak of 11.1% in October 2022 to exactly 2% – the Bank of England target – in June 2024.
It continued to fall in Labour’s first couple of months, but has steadily climbed back up since then and reached 3.4% in May.
When we include housing costs as well, prices are up by 4% in the last year. Average wages are currently rising by just over 5%, so that explains the overall improvement in living standards that we mentioned earlier.
But there are signs that the labour market is beginning to slow following the introduction of higher national insurance rates for employers in April.
If inflation remains high and wages begin to stagnate, we will see a quick reversal to the good start the government have made on disposable income.
VERDICT: Something to keep an eye on – there could be a bigger price to pay in years to come
‘Smash the gangs’
One of Starmer’s most memorable promises during the election campaign was that he would “smash the gangs”, and drastically reduce the number of people crossing the Channel to illegally enter the country.
More than 40,000 people have arrived in the UK in small boats in the 12 months since Labour came to power, a rise of over 12,000 (40%) compared with the previous year.
VERDICT: As it stands, it looks like “the gangs” are smashing the government
Reduce NHS waits
One of Labour’s more ambitious targets, and one in which they will be relying on big improvements in years to come to achieve.
Starmer says that no more than 8% of people will wait longer than 18 weeks for NHS treatment by the time of the next election.
When they took over, it was more than five times higher than that. And it still is now, falling very slightly from 41.1% to 40.3% over the 10 months that we have data for.
So not much movement yet. Independent modelling by the Health Foundation suggests that reaching the target is “still feasible”, though they say it will demand “focus, resource, productivity improvements and a bit of luck”.
VERDICT: Early days, but current treatment isn’t curing the ailment fast enough
Halve violent crime
It’s a similar story with policing. Labour aim to achieve their goal of halving serious violent crime within 10 years by recruiting an extra 13,000 officers, PCSOs and special constables.
Recruitment is still very much ongoing, but workforce numbers have only been published up until the end of September, so we can’t tell what progress has been made on that as yet.
We do have numbers, however, on the number of violent crimes recorded by the police in the first six months of Labour’s premiership. There were a total of 1.1m, down by 14,665 on the same period last year, a decrease of just over 1%.
That’s not nearly enough to reach a halving within the decade, but Labour will hope that the reduction will accelerate once their new officers are in place.
VERDICT: Not time for flashing lights just yet, but progress is more “foot patrol” than “high-speed chase” so far
Build 1.5m new homes
One of Labour’s most ambitious policies was the pledge that they would build a total of 1.5m new homes in England during this parliament.
There has not yet been any new official data published on new houses since Labour came to power, but we can use alternative figures to give us a sense of how it’s going so far.
A new Energy Performance Certificate is granted each time a new home is built – so tends to closely match the official house-building figures – and we have data up to March for those.
Those numbers suggest that there have actually been fewer new properties added recently than in any year since 2015-16.
Labour still have four years to deliver on this pledge, but each year they are behind means they need to up the rate more in future years.
If the 200,000 new EPCs in the year to March 2025 matches the number of new homes they have delivered in their first year, Labour will need to add an average of 325,000 per year for the rest of their time in power to achieve their goal.
VERDICT: Struggling to lay solid foundations
Clean power by 2030
Another of the more ambitious pledges, Labour’s aim is for the UK to produce 95% of its energy from renewable sources by 2030.
They started strong. The ban on new onshore wind turbines was lifted within their first few days of government, and they delivered support for 131 new renewable energy projects in the most recent funding round in September.
But – understandably – it takes time for those new wind farms, solar farms and tidal plants to be built and start contributing to the grid.
In the year leading up to Starmer’s election as leader, 54% of the energy on the UK grid had been produced by renewable sources in the UK.
That has risen very slightly in the year since then, to 55%, with a rise in solar and biomass offsetting a slight fall in wind generation.
The start of this year has been unusually lacking in wind, and this analysis does not take variations in weather into account. The government target will adjust for that, but they are yet to define exactly how.
VERDICT: Not all up in smoke, but consistent effort is required before it’s all sunshine and windmills
Fastest economic growth in the G7
Labour’s plan to pay for the improvements they want to make in all the public services we have talked about above can be summarised in one word: “growth”.
The aim is for the UK’s GDP – the financial value of all the goods and services produced in the country – to grow faster than any other in the G7 group of advanced economies.
Since Labour have been in power, the economy has grown faster than European rivals Italy, France and Germany, as well as Japan, but has lagged behind the US and Canada.
The UK did grow fastest in the most recent quarter we have data for, however, from the start of the year to the end of March.
VERDICT: Good to be ahead of other similar European economies, but still a way to go to overtake the North Americans
No tax rises
Without economic growth, it will be difficult to keep to one of Chancellor Rachel Reeves’ biggest promises – that there will be no more tax rises or borrowing for the duration of her government’s term.
Paul Johnson, director of the Institute for Fiscal Studies, said last month that she is a “gnat’s whisker” away from being forced to do that at the autumn budget, looking at the state of the economy at the moment.
That whisker will have been shaved even closer by the cost implications of the government’s failure to get its full welfare reform bill through parliament earlier this week.
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One year of Keir: A review of Starmer’s first 12 months in office
But the news from the last financial year was slightly better than expected. Total tax receipts for the year ending March 2025 were 35% of GDP.
That’s lower than the previous four years, and what was projected after Jeremy Hunt’s final Conservative budget, but higher than any of the 50 years before that.
The Office for Budget Responsibility (OBR) still projects it to rise in future years though, to a higher level than the post-WWII peak of 37.2%.
The OBR – a non-departmental public body that provides independent analysis of the public finances – has also said in the past few days that it is re-examining its methodology, because it has been too optimistic with its forecasts in the past.
If the OBR’s review leads to a more negative view of where the economy is going, Rachel Reeves could be forced to break her promise to keep the budget deficit from spiralling out of control.
VERDICT: It’s going to be difficult for the Chancellor to keep to her promise
OVERALL VERDICT: Investment and attention towards things like violent crime, the NHS and clean energy are yet to start bearing fruit, with only minuscule shifts in the right direction for each, but the government is confident that what’s happened so far is part of its plans.
Labour always said that the house-building target would be achieved with a big surge towards the back end of their term, but they won’t be encouraged by the numbers actually dropping in their first few months.
Where they are failing most dramatically, however, appears to be in reducing the number of migrants making the dangerous Channel crossing on small boats.
The economic news, particularly that rise in disposable income, looks more healthy at the moment. But with inflation still high and growth lagging behind some of our G7 rivals, that could soon start to turn.
The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.
Gunnar Strömmer reportedly said that Swedish authorities had confiscated more than $8.3 million worth of criminal profits since a law related to seizures was passed in 2024.