Mumbai: Ethereum-based blockchain scaling service supplier Polygon has raised $450 million in a funding spherical led by Sequoia Capital India, Tiger International Administration and SoftBank with participation from greater than 40 main enterprise capital companies together with Galaxy Digital, Galaxy Interactive and Republic Capital, the corporate mentioned on Monday.
Polygon, which presents an Ethereum infrastructure platform, mentioned it plans to make use of the funds to consolidate its lead place and pave the best way for mass adoption of Web3 functions. The corporate raised the funds by means of a non-public sale of Polygon’s native MATIC token, it mentioned.
The corporate added that it’s constructing a collection of scaling options together with Polygon point-of-sale (PoS), Polygon Edge and Polygon Avail, a software for each potential use case, which is analogous to what Amazon Internet Providers presents to Web2 builders.
“Ethereum, scaled by Polygon, would be the bedrock of this subsequent stage within the Internet’s evolution. Technological disruption did not begin with Web2, neither is it going to finish there. That’s why we’re very excited to see a number of the similar companies that funded the earlier spherical of innovation now being our Web3 imaginative and prescient,” Polygon co-founder Sandeep Nailwal, mentioned in an announcement.
Based on the corporate, Polygon PoS adoption clocked a billion transactions final yr. The community’s greater than 130 million distinctive addresses and over 2.67 million month-to-month energetic customers now generate some 3 million transactions per day, greater than double the quantity of Ethereum, Polygon claimed. Polygon added that its native MATIC token has a market capitalization of over $12 billion.
“The platform of option to construct on the blockchain immediately is Polygon. 1000’s of builders throughout a variety of functions are selecting Polygon and their full set of scaling options for the Ethereum ecosystem. That is an bold and aggressive crew, one which values innovation at its core. Sequoia Capital India is thrilled to steer this vital financing spherical,” mentioned Shailesh Lakhani, MD at Sequoia India.
The corporate in January invested an undisclosed sum in Hike to assist its Rush Gaming Universe (RGU).
Traders together with Alan Howard, Co-founder, Brevan Howard and Kevin O’Leary participated within the funding spherical, in line with Polygon. Alameda Analysis, Transcend Fund, Makers Fund, Animoca Manufacturers, video games trade investor Scopely, Third Level, dune ventures, Union Sq. Ventures, Seven Seven Six, Elevation Capital, Sino International Capital, DCG, Commonplace Crypto, Celsius, Dragonfly Capital, Variant Fund, Blue Pool Capital, WorkPlay Ventures, led by Zynga founder Mark Pincus, additionally participated within the funding spherical.
Supply: Live Mint