The blockchain project Polygon announced it has raised $450 million on Monday in a fundraising round led by Sequoia Capital India with participation from more than 40 venture capital firms. Polygon claims that the money will be used to scale Ethereum and increase the adoption of Web3 applications.
Sequoia Capital India and more than 40 VC Firms Inject $450 Million Into Polygon’s Coffers
Polygon has raised $450 million from strategic investors according to a press release sent to Bitcoin.com News on February 7. The funding round was led by Sequoia Capital India, and more than 40 other investors participated in the fundraiser.
The $450 million funding round also saw participation from Galaxy Digital, Galaxy Interactive, Kevin O’Leary (Mr. Amazing from ABC’s Shark Tank, Softbank Vision Fund 2, Tiger Global and Republic Capital.
The fundraise marks the first major Polygon funding round since 2017. The project’s native token polygon (MATIC) is the 15th largest crypto asset in terms of market valuation. Year-to-date, MATIC has gained 3,608% against the U.S. dollar and during the last week, MATIC has jumped 20.7% higher.
The $450 million capital raise follows a number of strategic moves from Polygon including the acquisition of the Hermez Network (now Polygon Hermez) for $250 million in August 2021. In mid-December 2021, Polygon acquired the Mir Protocol for $400 million in order to bolster “groundbreaking ZK rollup technology.”
In the latest fundraising announcement, Polygon mentions
ZK technology. This explains the Polygon’s plans for using the funds.
“Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail, that is similar to what Amazon Web Services offers Web2 developers — a tool for every possible use case,” the funding round announcement explains. The team also invests in cutting-edge zero knowledge (ZK) technology, which will be crucial to onboarding the next billion Ethereum users.
Sandeep Nailwal, co-founder of
Polygon, says that Ethereum will be scaled by Polygon and the foundation for Web3’s evolutionary climb.
“Web3 is based on the open-source principles of the early Internet. It allows users to control the network, create value and reap the benefits. “Ethernet, scaled up by Polygon will be the foundation of this next stage of the Web’s evolution,” Nailwal stated in a statement. “Technological disruption did not begin with Web2, and it is unlikely to stop there. We are excited to see the Web3 vision some of the same companies that funded our previous round of innovation.
This story contains tags
$450 Million, Capital raise, Ethereum Scaling, Finance, funding round, Fundraise, fundraiser, Galaxy Digital, Galaxy Interactive, kevin o’leary, matic, Polygon, Polygon (MATIC), Polygon Capital Funding, Polygon co-founder, Polygon Ethereum, Republic Capital. , Sandeep Nailwal, scaling Ethereum, Sequoia Capital India, Shark Tank, Softbank, strategic investors, Tiger Global, Web2, Web3
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Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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