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Polygon Raises $450M From Sequoia, SoftBank, Galaxy, and More

Ross - Coin Edition
2022-12-07 11:20
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  • Polygon has raised $450 million in a private sale of the native token, MATIC.
  • Sequoia Capital, SoftBank, Tiger Global, Republic Capital, and Galaxy Digital are a few of the investors.
  • Polygon co-founder stated that Ethereum scaled by Polygon is the future of web3.0 mass adoption.
Polygon published an announcement on its official blog platform sharing that the blockchain platform has raised $450 million in a private sale of its native token, MATIC. Investors including Sequoia Capital India, SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, and Republic Capital participated in the funding round.
Additionally, eminent industry leaders such as Alan Howard, co-founder of fund management firm Brevan Howard, and Kevin O’Leary of ABC’s famous Shark Tank, also invested in the series funding.
Polygon claims that with this “warchest,” Polygon will lead mass adoption of web3.0 applications across the globe, with Ethereum overruling alternative blockchains. The funds collected from this round will enable Polygon to advance in cutting-edge zero-knowledge (ZK) technology with the aim of onboarding a billion users to web3.
The platform recalls its first major financing round where it acquired contributions from Alameda Research, Transcend Fund, Makers Fund, Animoca Brands, global video game leader and games industry investor Scopely, dune ventures, Union Square Ventures, Seven Seven Six, Elevation Capital, Sino Global Capital, DCG, Standard Crypto, Celsius, Dragonfly Capital, Variant Fund, Blue Pool Capital, WorkPlay Ventures (led by Zynga founder Mark Pincus), Third Point, Steadview Capital, Accel, and many more. Furthermore, Polygon reveals:
The first batch of one-third vesting and distribution in a three-year unlock period will start in late Nov 2022.
Meanwhile, Polygon co-founder Sandeep Nailwal claimed that Ethereum scaled by Polygon will be the foundation of web3 development in the future. Simultaneously, the team is building a broad range of scaling options at very low transaction rates.
Currently, 7,000 decentralized apps (dApps) and the biggest web3.0 projects are building on Polygon, including DeFi protocols such as lending platform Aave to luxury brands company Dolce & Gabbana. NFT marketplace OpenSea and Mark Cuban’s Lazy.com have also opted for Polygon to scale their projects.
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