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


The blockchain undertaking 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 companies. Polygon says that the cash will permit the group to assist scale Ethereum and bolster the mass adoption of Web3 functions.

Sequoia Capital India and greater than 40 VC Corporations Inject $450 Million Into Polygon’s Coffers

Polygon has raised $450 million from strategic traders in accordance with a press launch despatched to Bitcoin.com Information on February 7. The funding spherical was led by Sequoia Capital India, and greater than 40 different traders participated within the fundraiser.

The $450 million funding spherical additionally noticed participation from Galaxy Digital, Galaxy Interactive, Kevin O’Leary (Mr. Great from ABC’s Shark Tank), Softbank Imaginative and prescient Fund 2, Tiger International, and Republic Capital.

The fundraise marks the primary main Polygon funding spherical since 2017. The undertaking’s native token polygon (MATIC) is the fifteenth largest crypto asset when it comes to market valuation. Yr-to-date, MATIC has gained 3,608% in opposition to the U.S. greenback and over the past week, MATIC has jumped 20.7% greater.

The $450 million capital elevate follows numerous strategic strikes from Polygon together with the acquisition of the Hermez Community (now Polygon Hermez) for $250 million in August 2021. In mid-December 2021, Polygon acquired the Mir Protocol for $400 million with a purpose to bolster “groundbreaking ZK rollup expertise.”

ZK expertise is talked about within the latest 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 Internet Providers gives Web2 builders — a instrument for each doable use case,” the funding spherical announcement explains. “The group can be investing in cutting-edge zero-knowledge (ZK) expertise that will likely be key to onboarding the following 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 Web’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 Internet’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 companies that funded the earlier spherical of innovation now being our Web3 imaginative and prescient.”

Tags on this story

$450 Million, Capital elevate, Ethereum Scaling, Finance, funding spherical, 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 traders, Tiger International, Web2, Web3

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Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 5,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising in the present day.

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