Popular Ethereum scaling solution provider Polygon saw backing from some of the major players in its latest funding round led by Sequoia Capital India. The round saw investments worth $450 million through a private sale of Polygon’s native MATIC token.
Apart from Sequoia Capital India, major VCs including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Dune Ventures, Alameda Research, Republic Capital, Animoca Brands, Spartan Fund, and others, participated in the round as well. Overall, more than 40 investors contributed to the fundraiser.
According to the details revealed, the funds raised will be used to scale the adoption of Web3 applications and expand investments in zero-knowledge (ZK) technology. Polygon co-founder Sandeep Nailwal said in a statement:
“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.”
“Technological 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,” he added.
Polygon is also working to build a host of solutions similar to what Amazon Web Services offers Web2 developers. The network plans to add an execution layer with low fees and high transaction output without compromising on security.
Launched in 2017 as Matic Network, Polygon is an Ethereum Layer 2 platform that solves scalability and other network issues of the Ethereum blockchain. Apart from that, the network also offers tools to projects working in the Web3 space with low transaction fees.