Polygon Raises $450M From Sequoia Capital, Tiger Global and SoftBank

Ethereum scaling solution Polygon has raised about $450 million in a funding round led by Sequoia Capital India, Tiger Global Management, and SoftBank with participation from more than 40 major ve nture capital firms. The $450 million funding round also saw participation from Galaxy Digital, Galaxy Interactive Republic Capital, Alameda Research, Animoca Brands, Sino Global Capital, DCG, Celsius among others. Billionaire investor Kevin O’Leary of Shark Tank Fame also participated in the raise. With fresh funds at hand, Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge, and Polygon Avail, similar to what Amazon Web Services offers to Web2 developers. The team is also investing in cutting-edge zero-knowledge (ZK) technology for onboarding the next billion users to Ethereum. “Web 3 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards,” Polygon co-founder Sandeep Naiwal said in a statement. “Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution.” The funds were raised through a private sale of Polygon’s native MATIC token, which surged rapidly after the funding announcement. At the time of writing, the price of MATIC was up 11% in the past 24 hours and currently trading at $2 with a market capitalization of about $13 billion. The latest fundraising is the company’s first major financing...