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Layer-2 scaling solution Polygon has raised $450 million in a funding round that saw the participation of some of blockchain’s biggest venture funds. The round was led by Sequoia Capital India, and over 40 other investors participated in the fundraiser. Some of the investors were Galaxy Digital, Galaxy Interactive, Kevin ‘Mr. Wonderful’ O’Leary, Softbank Vision Fund 2, Tiger Global, and Republic Capital.
The funding round announcement explains what the funds will be used for:
“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.”
Polygon co-founder Sandeep Nailwal added that Ethereum, scaled by Polygon will be the foundation of Web3’s evolutionary climb. He said:
“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.
Get 125% / $2,500 on 1st deposit!
New players only. Exclusive Welcome Bonus of up to $2,500Technological 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.”
MATIC, Polygon’s native token is currently the 15th largest crypto asset in market capitalization, trading at $1.99 per token, up 10% in the last 24 hours and 21% this week, according to CoinMarketCAp.