Subscribe
|
|
|
|
|
|
|
News

Polygon raises USD 450 mln for Web 3 plans

Tuesday 8 February 2022 14:57 CET | News

Polygon, a secondary scaling solution for the Ethereum blockchain, has raised USD 450 million in a round of funding led by Sequoia Capital India to support the firm’s 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.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: funding, Web 3.0, Ethereum, blockchain
Categories: DeFi & Crypto & Web3
Companies: Polygon
Countries: World
This article is part of category

DeFi & Crypto & Web3

::: more

Polygon

|
Discover all the Company news on Polygon and other articles related to Polygon in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events

Free Headlines ::: subscribe now
RSS ::: follow ThePaypers via RSS ::: connect
LinkedIn ::: connect with ThePaypers on LinkedIn ::: connect
Twitter ::: follow ThePaypers on Twitter ::: follow
Facebook ::: like ThePaypers on Facebook ::: like