India, June 12 -- L2 blockchain startup Polygon's cofounder Sandeep Nailwal will take over as the chief executive officer (CEO) of Polygon Foundation, which supervises Polygon Labs and other entities.

"I have decided to take full control of Polygon Foundation and will be its CEO going forward. Polygon Foundation owns and oversees multiple entities including one of the major contributors, Polygon Labs, which will continue to be led by Marc Boiron as its CEO, who in my mind is the best executive/leader in the entire crypto industry," Nailwal said in an X post.

He said that the reason behind such a move aligns with Polygon's vision on clear direction and focused execution. "With a healthy treasury and several hundred million in cash, we're...