• Polygon raised around $450 million through private sales of its native MATIC coin.

• Polygon’s lead in setting the route for mainstream adoption of Web3 apps may be secured by the core team.

• Polygon will be able to continue investing in cutting-edge zero-knowledge technologies, which will be critical in bringing the next billion people to Web 3.

Polygon raised nearly $450 million in a funding round led by Sequoia Capital India, with participation from SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and eminent financiers such as Alan Howard (co-founder Brevan Howard) and Kevin O’Leary.

Polygon’s first significant funding round since the project’s beginnings in 2017 has also included contributions from Alameda Research, Transcend Fund, Makers Fund, Animoca Brands, Scopely, Union Square Ventures, Seven Seven Six, Elevation Capital, Sino Global Capital, Standard Crypto, Celsius, Dragonfly Capital, Variant Fund, Blue Pool Capital, and WorkPlay Ventures.

Polygon has always been a community-first project, and its success can be attributed to the ecosystem of early adopters, programmers, and investors. This is not going to change. This financing round, according to the core team, is a tide that lifts all boats and demonstrates the value of community in making Web 3.0 a reality.

The paramount concern of Ethereum is how to expand the network’s capacity to accommodate more transactions. Congestion and increasing fees have resulted from the exploding popularity of new applications in decentralised finance (DeFi) and non-fungible tokens (NFTs). Polygon has stepped in with a diverse set of scaling choices and transaction rates that are among the lowest in the industry.

The Polygon team is developing a full suite of solutions. Polygon PoS presently provides an execution layer with cheap costs and great transaction throughput for Web3 that is protected by the Ethereum blockchain system. Polygon will address the challenge of general-purpose, scalable data availability in the near future, whereas ZK solutions will address network congestion first before handling privacy applications.

Posted Date: May 24, 2023