News

Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary

by Jamie Redman
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 says that the money will allow the team to help scale Ethereum and bolster the mass adoption of Web3 applications.
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. Wonderful 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.”
ZK technology is mentioned in the recent 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 round 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 will be the foundation 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 a statement. “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.”
What do you think about Polygon raising $450 million from strategic investors? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Vitalik Buterin to Use $100 Million From Crypto Relief’s SHIB Funds to Accelerate Covid Relief Efforts
Ethereum co-founder Vitalik Buterin has unveiled how he will use $100 million in cryptocurrency from India’s Covid Crypto Relief Fund (Cryptorelief) to accelerate relief efforts and “bring great benefit to Indians and non-Indians.” The crypto is part of the Shiba … read more.
Robinhood to Launch Crypto Trading Internationally — Sees ‘Immense Potential’ in Crypto Economy
Robinhood has “set aggressive goals to start opening its crypto platform up to customers internationally in 2022,” the popular trading platform revealed during its Q4 earnings call. “The company believes in the immense potential of the crypto economy and sees … read more.

Check all the news here

source

What's your reaction?

Related Posts

Load More Posts Loading...No More Posts.