The blockchain project Polygon introduced it has raised $450 million on Monday in a fundraising spherical led by Sequoia Capital India with participation from greater than 40 enterprise capital corporations. Polygon says that the money will permit the group to assist scale Ethereum and bolster the mass adoption of Web3 purposes.
Sequoia Capital India and greater than 40 VC Firms Inject $450 Million Into Polygon’s Coffers
Polygon has raised $450 million from strategic buyers in accordance with a press launch despatched to Bitcoin.com News on February 7. The funding spherical was led by Sequoia Capital India, and greater than 40 different buyers participated within the fundraiser.
The $450 million funding spherical additionally noticed participation from Galaxy Digital, Galaxy Interactive, Kevin O’Leary (Mr. Wonderful from ABC’s Shark Tank), Softbank Vision Fund 2, Tiger Global, and Republic Capital.
The fundraise marks the primary main Polygon funding spherical since 2017. The project’s native token polygon (MATIC) is the fifteenth largest crypto asset by way of market valuation. Year-to-date, MATIC has gained 3,608% in opposition to the U.S. greenback and over the past week, MATIC has jumped 20.7% larger.
The $450 million capital elevate follows quite a lot of strategic strikes from Polygon together with 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 as a way to bolster “groundbreaking ZK rollup technology.”
ZK technology is talked about within the latest fundraising announcement that explains what Polygon plans to do with the funding.
“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 spherical announcement explains. “The team is also investing in cutting-edge zero-knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum.”
Polygon co-founder Sandeep Nailwal says that Ethereum, scaled by Polygon would be the basis of Web3’s evolutionary climb.
“Web3 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” Nailwal remarked in an announcement. “Technological disruption didn’t start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”
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