Polygon Secures $450 Million in New Funding Round
Galaxy Digital, SoftBank Vision Fund 2, Republic Capital were among those involved in Polygon’s latest funding round. Developers will use the money to expand Polygon Edge, PoS, and Avail among other scaling solutions. Polygon is very active in Web3 and is expanding its developer network to drive the next generation of dApps. At the time of writing, the price of Polygon’s native token MATIC was $1.88.
Polygon has raised $450 million in a funding round led by Sequoia Capital India and backed by some of the most prestigious venture capital funds. This is further proof that major investors are continuing to back cryptocurrencies and Web3 development, CoinTelegraph wrote.
Participants included Galaxy Digital, SoftBank Vision Fund 2, Republic Capital, and Tiger Global. Billionaire Kevin O’Leary also participated.
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Money will be used to expand scaling
The developers of the blockchain native token MATIC will use the money to expand Polygon Edge, PoS, and Avail among other scaling solutions to facilitate mainstream adoption of Web3 applications. Having invested more than a billion in zero-knowledge tech last year, it also remains one of the company’s focus areas.
Polygon gained significant attention in 2021 when the explosive growth of NFTs and DeFi apps raised concerns about the capacity of the Ethereum mainnet. Polygon co-founder Sandeep Nailwal said in an interview with CoinTelegraph in December that Ethereum’s highly anticipated upgrade is unlikely to provide enough scalability to meet demand, adding:
Even if ETH 2.0 comes, it won’t provide enough scalability. In 2022, the proof-of-stake upgrade will keep things the same: Ethereum can process 13 transactions per second right now, maybe it will increase to 20 after PoS launch, but not more than that. So that doesn’t contribute to scalability.
Polygon has been very active in Web3, improving its developer network to drive the next generation of dApps. Web3 enjoys a lot of support. Silicon Valley venture fund Andreessen Horowitz recently announced plans to invest another billion in Web3 startups.
At the time of writing, the price of Polygon’s native token MATIC was $1.88. The cryptocurrency’s price has increased by about 14% in the last 7 days. It ranks 15th in the current ranking of crypto coins, with a market cap of just over $14 billion.
There is a circulating supply of almost 7.5 billion MATIC coins, with the maximum supply of tokens being 10 billion.
Polygon, formerly known as Matic Network, is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. The core component is Polygon SDK, a modular, flexible framework that supports various types of apps.
Polygon can be used to create Optimistic Rollups, ZK Rollups, Standalone Chains, or any other type of infrastructure the developer needs.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system, similar to other systems like Polkadot, Cosmos, and Avalanche, with the benefits of Ethereum’s security, dynamic ecosystem, and openness.
(Featured image by geralt via Pixabay)
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