Polygon Raises $450,000,000 From Sequoia Capital India, SoftBank, Galaxy, Tiger, Republic Capital

Polygon raised about $450 million through a private sale of its native MATIC token in a funding round led by Sequoia Capital India with participation from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and prominent investors like Alan Howard (co-founder, Brevan Howard) and Kevin O’Leary (Mr. Wonderful from ABC’s Shark Tank).

With this warchest, the core team can secure Polygon’s lead in paving the way for mass adoption of Web3 applications, a race that we believe will result in Ethereum prevailing over alternative blockchains. The funds will also allow Polygon to continue investing in cutting-edge zero knowledge (ZK) technology that will be key to onboarding the next billion users to Web3.

AWS for Web3

Polygon team is building a complete suite of solutions that is similar to what Amazon Web Services offers Web2 developers — a tool for every possible use case and scaling at a click of a button. For Web3, Polygon PoS already offers an execution layer with low fees and high transaction throughput secured by the Ethereum mainnet. With Polygon Edge, projects are building custom blockchains from scratch. In the near future, Polygon Avail will deliver the general-purpose, scalable data availability piece of the puzzle and ZK solutions will make network congestion a thing of the past first and then tackle applications around privacy.

“The platform of choice to build on the blockchain today is Polygon. Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem,” said Shailesh Lakhani, MD at Sequoia India. “This is an ambitious and aggressive team, one that values innovation at its core. Sequoia Capital India is thrilled to lead this significant financing round.”

Soaring Adoption

Polygon PoS adoption has soared exponentially, with a billion transactions recorded last year. The network’s more than 130 million unique addresses and over 2.67 million monthly active users now generate some 3 million transactions per day, more than double the volume of Ethereum. Polygon’s native MATIC token has a market capitalization of over $12 billion.

“Adoption by individual users and enterprises, emergence of real world applications like DeFi and NFTs, involvement from the institutional community — all of these are indicators that Web3 as a technology has passed a major installation milestone and is here to stay,” Galaxy Digital CEO Mike Novogratz said. “The excitement about Polygon and Ethereum is that together they are building the base layer for this new Internet.”

SOURCE:
Polygon