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Polygon raises $450 million in funding from Sequoia Capital India, Galaxy, and SoftBank to support Web 3 plans

Polygon intends to use the funds to develop Web 3 applications and to invest in zero-knowledge technology.

Polygon, a secondary scaling solution for the Ethereum blockchain, has raised $450 million in a round led by Sequoia Capital India to support the company’s Web 3 ambitions.

SoftBank, Michael Novogratz’s Galaxy Digital, Tiger Global, Republic Capital, hedge fund manager Alan Howard, and Kevin O’Leary of ABC’s “Shark Tank” were among the 40 venture capital firms that participated in the round.

Polygon said in a statement that the funding will be used to develop Web 3 applications such as Polygon PoS, Polygon Edge, and Polygon Avail, which are similar to Amazon Web Services’ offerings for Web 2 developers.

 

The funds were raised through a private sale of Polygon’s native MATIC token, which skyrocketed after CNBC reported on the funding on Monday. According to CoinDesk data, the MATIC price had risen 17 percent in 24 hours to $1.98 as of press time. The market cap is now around $20 billion.

Polygon is also investing in zero-knowledge technology, which it claims will be critical to onboarding the next billion Ethereum users.

Web 3 is the third generation of internet services made possible by decentralised networks, and there is growing interest in it.

“Web 3 builds on the early Internet’s open-source ideals, allowing users to create value, control the network, and reap the rewards,” said Polygon co-founder Sandeep Naiwal in a statement. “Ethereum, scaled by Polygon, will be the foundation of this next stage in the evolution of the Web.”

 

This is the project’s first major funding round since its inception in 2017.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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