Polygon Raised $450 M in a Round Led by Sequoia

by in Cryptocurrency News

Polygon MATIC investment round

Polygon, an Ethereum scaling solution, has attracted $450 M, in a funding round led by Venture Capital Sequoia Capital India.

Related: Polygon’s MATIC Becomes Deflationary After the EIP 1559 Launch

SoftBank, Galaxy, Tiger, Republic Capital, and others also took part in the fundraising. The amount was raised via a private sale of MATIC, the native crypto of the protocol.

The Polygon team said that they aim to reach massive adoption of Web 3 apps. They believe that Ethereum will dominate the space. As a part of its mission, Polygon will use the capital to invest in off-chain scaling solution called zero-knowledge rollups. According to the protocol, ZK will be the key to bring the next billion users to Web 3.

Polygon is creating a full suite of solutions, which the company describes as similar to Amazon Web Services, but for Web 3 networks. The total number of the protocol's unique addresses is over 130 M and there are over 2 M active users.

Polygon network's MATIC token is the 15th largest crypto with more than a $14 bln market cap. At present, the token trades at around $1.93.