Polygon’s US$450M Raise to Boost Web 3.0 Plans

8th February 2022
Polygon’s US$450M Raise to Boost Web 3.0 Plans
Polygon

Polygon has raised fresh funding to support its Web 3.0 plans, in its first major financing round since the project’s founding in 2017, attracting some of the biggest names in venture capital.

The Layer-2 platform raised US$450 million through a private sale of its native MATIC token in a funding round led by Sequoia Capital India with participation from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, according to a blog post on Monday.

Prominent investors like Alan Howard (co-founder, Brevan Howard) and Kevin O’Leary of Shark Tank fame also participated in the funding round.

Mass Adoption

Polygon offers a proof-of-stake side-chain with high transaction throughput and low fees while still relying on Ethereum for final settlement and security.

DeFi protocols such as lending platform Aave, fashion label Dolce & Gabbana and NFT marketplaces including OpenSea are building projects on Polygon, along with ,ore than 7,000 decentralized apps (dApps).

According to Polygon, its PoS adoption has “soared exponentially”, recording over 1 billion transactions in 2021. Its MATIC token has a market capitalisation of over US$12 billion.

Web 3.0 Push

Polygon said it aims to become the “AWS (Amazon Web Services) of Web 3.0” and pave the way for mass adoption of Web3 applications – “a race that we believe will result in Ethereum prevailing over alternative blockchains”. It also said that it would continue investing in cutting-edge zero knowledge (ZK) technology that will be key to onboarding the next billion users to Web 3.0.

“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,” said Polygon’s Singapore-based co-founder Sandeep Nailwal.

Written by Bread News Team
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