Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary
The blockchain challenge 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 cash will enable 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 line 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 challenge’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 last week, MATIC has jumped 20.7% increased.
The $450 million capital elevate follows numerous 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 with a view to bolster “groundbreaking ZK rollup expertise.”
ZK expertise is talked about within the current fundraising announcement that explains what Polygon plans to do with the funding.
“Polygon is constructing a set of scaling options, together with Polygon PoS, Polygon Edge and Polygon Avail, that’s just like what Amazon Web Services provides Web2 builders — a instrument for each doable use case,” the funding spherical announcement explains. “The group can also be investing in cutting-edge zero-knowledge (ZK) expertise that shall be key to onboarding the subsequent billion customers 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 beliefs, enabling customers to create the worth, management the community and reap the rewards. Ethereum, scaled by Polygon, would be the bedrock of this subsequent stage within the Web’s evolution,” Nailwal remarked in an announcement. “Technological disruption didn’t begin with Web2, neither is it going to finish there. That’s why we’re very excited to see a few of the identical corporations that funded the earlier spherical of innovation now being our Web3 imaginative and prescient.”
What do you concentrate on Polygon elevating $450 million from strategic buyers? Let us know what you concentrate on this topic within the feedback part under.