• Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar

NEWS

  • HOME
  • FORUMS
  • STORE
  • SPORTS
You are here: Home / Bitcoin News / Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary

Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary

7th February 2022 by admin

polygon raises 450 million from sequoia capital india softbank shark tanks kevin oleary Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary

The blockchain project Polygon announced it has raised $ 450 million on Monday in a fundraising round led by Sequoia Capital India with participation from more than 40 venture capital firms. Polygon says that the money will allow the team to help scale Ethereum and bolster the mass adoption of Web3 applications.

Sequoia Capital India and more than 40 VC Firms Inject $ 450 Million Into Polygon’s Coffers

Polygon has raised $ 450 million from strategic investors according to a press release sent to Bitcoin.com News on February 7. The funding round was led by Sequoia Capital India, and more than 40 other investors participated in the fundraiser.

The $ 450 million funding round also saw participation from Galaxy Digital, Galaxy Interactive, Kevin O’Leary (Mr. Wonderful from ABC’s Shark Tank), Softbank Vision Fund 2, Tiger Global, and Republic Capital.

The fundraise marks the first major Polygon funding round since 2017. The project’s native token polygon (MATIC) is the 15th largest crypto asset in terms of market valuation. Year-to-date, MATIC has gained 3,608% against the U.S. dollar and during the last week, MATIC has jumped 20.7% higher.

The $ 450 million capital raise follows a number of strategic moves from Polygon including the acquisition of the Hermez Network (now Polygon Hermez) for $ 250 million in August 2021. In mid-December 2021, Polygon acquired the Mir Protocol for $ 400 million in order to bolster “groundbreaking ZK rollup technology.”

ZK technology is mentioned in the recent fundraising announcement that explains what Polygon plans to do with the funding.

“Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail, that is similar to what Amazon Web Services offers Web2 developers — a tool for every possible use case,” the funding round announcement explains. “The team is also investing in cutting-edge zero-knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum.”

Polygon co-founder Sandeep Nailwal says that Ethereum, scaled by Polygon will be the foundation of Web3’s evolutionary climb.

“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,” Nailwal remarked in a statement. “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.”

Tags in this story
$ 450 Million, Capital raise, Ethereum Scaling, Finance, funding round, Fundraise, fundraiser, Galaxy Digital, Galaxy Interactive, kevin o’leary, matic, Polygon, Polygon (MATIC), Polygon Capital Funding, Polygon co-founder, Polygon Ethereum, Republic Capital., Sandeep Nailwal, scaling Ethereum, Sequoia Capital India, Shark Tank, Softbank, strategic investors, Tiger Global, Web2, Web3

What do you think about Polygon raising $ 450 million from strategic investors? Let us know what you think about this subject in the comments section below.

2Khomers 150x150 Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary
Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

More Popular News

In Case You Missed It

shutterstock 1824432737 Polygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary

Nansen Report Highlights Growth of Defi and NFTs in 2021

Nansen, a cryptocurrency and blockchain statistics and analytics platform, has issued a report on the growth of decentralized finance (defi) in 2021. The document highlights how defi managed to keep growing, opening the field to new participant chains. Non-fungible tokens … read more.

Bitcoin News

Filed Under: Bitcoin News Tagged With: $450, Capital, From, India, Kevin, Million, O’leary, Polygon, Raises, Sequoia, Shark, Softbank, Tank’s

Reader Interactions

Primary Sidebar

Recent Posts

  • Fans Think This Is Why LE SSERAFIM’s Official Social Medias Are Not Being Updated In Kim Garam’s Absence
  • Get Real, Lagarde — The Underlying Asset ‘Guaranteeing’ Your Euro Scam Coin Is a Gun
  • YG Entertainment Responds To Alleged Photo Of BTS’s V And BLACKPINK’s Jennie Together
  • How Gate․io Grew to Become One of the World’s Largest Crypto Exchanges – 9 Years Retrospective
  • “Be Mbitious” K-Pop Idols Hit Back At Criticisms From Fellow Contestants That They’re Inferior To “Real” Dancers


Copyright © 2022 · Genesis Framework · WordPress · Log in