Saturday, June 10, 2023

Polygon Raises $450M from Venture Capital Firms


Polygon, an Ethereum-based Layer-2 protocol, has acquired $450 million in a private token sale. It marks the firm’s most substantial fundraising round since its founding in 2017.

Polygon plays an important role in the Ethereum and Web3.0 ecosystems. Ethereum is the most popular blockchain network in the world. Furthermore, the number of transactions and associated fees have increased dramatically over time. They are doing some of their transactions out on Ethereum, massively scaled, and at a considerably reduced fee with Polygon.

Polygons Investment Round

According to the protocol, Sequoia Capital India led the Polygon investment round. They are also including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, and Republic Capital. They also have notable investors such as Alan Howard and Kevin O’Leary. Howard is well-known as the co-founder of Brevan Howard.

Galaxy Digital is a financial services company that specializes in digital assets, cryptocurrencies, and blockchain technology. Polygon will now be able to invest in its objectives to further contribute to Web3.0 emancipation with the increased money.

Polygon will also be able to continue investing in cutting-edge zero-knowledge (ZK) technology. This might be critical in onboarding the next billion users to Web3.

Web3, according to Sandeep Nailwal, builds on the open-source concepts of the early Internet. They will be allowing people to create value, govern the network, and reap the benefits. The core about this next phase in the Web’s evolution will be Ethereum, scaled by Polygon.

He further said that technological disruption did not begin with Web2 and will not finish there. That’s why they’re ecstatic to see some of the same companies that helped fund the previous phase of innovation now supporting the Web3 goal.

Polygons First Community Project

Polygon always has been a community-first project and attributes its development to the ecosystem of early believers, developers, and stakeholders, as impressive as that lineup is.

This is not going to change. This financing round, according to the core team, is a tide that lifts all boats, demonstrating the value of society in creating Web3 a reality.

Other key actors in the blockchain ecosystem, including Polygon, are favored by investors.

Last December, 1INCH raised $175 million through a token sale that was comparable to the Polygon-through token sale.

This investment round was different from others because it includes a private token sale for the protocol. Amber Group was in charge of Series B, according to the firm. Jane Street, VanEck, Fenbushi Capital, Alameda Research, Celsius, Nexo, Tribe Capital, and Gemini Frontier Fund were among the approximately 50 investors who participated in the funding.

They will be using new funds will be to advance 1inch’s protocol in order to develop a new product suite for institutional users wishing to enter the DeFi ecosystem.

With the financing that DeFi, NFT, and blockchain protocols have received over the last few years, the once-nascent industry may now be deemed to be ready for the next wave of adopters.

Christina Jones
Christina Jones
Christina Jones is the owner and CEO of Cryptoconstellation Before starting Crytpoconstellation, Christina spent ten years as an Editor in Chief at a well-known publishing house, Editorial Planeta SL, in Madrid.

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