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

The blockchain task Polygon announced it has raised $450 cardinal connected Monday successful a fundraising circular led by Sequoia Capital India with information from much than 40 task superior firms. Polygon says that the wealth volition let the squad to assistance standard Ethereum and bolster the wide adoption of Web3 applications.

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

Polygon has raised $450 cardinal from strategical investors according to a property merchandise sent to Bitcoin.com News connected February 7. The backing circular was led by Sequoia Capital India, and much than 40 different investors participated successful the fundraiser.

The $450 cardinal backing circular besides saw information 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 archetypal large Polygon backing circular since 2017. The project’s autochthonal token polygon (MATIC) is the 15th largest crypto plus successful presumption of marketplace valuation. Year-to-date, MATIC has gained 3,608% against the U.S. dollar and during the past week, MATIC has jumped 20.7% higher.

The $450 cardinal superior rise follows a fig of strategical moves from Polygon including the acquisition of the Hermez Network (now Polygon Hermez) for $250 cardinal successful August 2021. In mid-December 2021, Polygon acquired the Mir Protocol for $400 cardinal successful bid to bolster “groundbreaking ZK rollup technology.”

ZK exertion is mentioned successful the caller fundraising announcement that explains what Polygon plans to bash with the funding.

“Polygon is gathering a suite of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail, that is akin to what Amazon Web Services offers Web2 developers — a instrumentality for each imaginable usage case,” the backing circular announcement explains. “The squad is besides investing successful cutting-edge zero-knowledge (ZK) exertion that volition beryllium cardinal to onboarding the adjacent cardinal users to Ethereum.”

Polygon co-founder Sandeep Nailwal says that Ethereum, scaled by Polygon volition beryllium the instauration of Web3’s evolutionary climb.

“Web3 builds connected the aboriginal Internet’s open-source ideals, enabling users to make the value, power the web and reap the rewards. Ethereum, scaled by Polygon, volition beryllium the bedrock of this adjacent signifier successful the Web’s evolution,” Nailwal remarked successful a statement. “Technological disruption didn’t commencement with Web2, nor is it going to extremity there. That’s wherefore we are precise excited to spot immoderate of the aforesaid firms that funded the erstwhile circular of innovation present being our Web3 vision.”

What bash you deliberation astir Polygon raising $450 cardinal from strategical investors? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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