Polygon raises USD 450 mln for Web 3 plans

The round included funding from 40 venture capital firms, including SoftBank, Michael Novogratz’s Galaxy Digital, Tiger Global, Republic Capital and hedge fund manager Alan Howard as well as Kevin O'Leary of ABC's Shark Tank.

The funding will be used to build Web 3 applications, including Polygon PoS, Polygon Edge and Polygon Avail, which are similar to Amazon Web Services’ offerings for Web 2 developers, Polygon said in a statement.

The funds were raised through a private sale of Polygon's native MATIC token. The market capitalization is now about $20 billion. Polygon is also investing in zero-knowledge technology that it said will be key to onboarding the next billion users to Ethereum. The fundraising is the project's first major financing round since it was founded in 2017.

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