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Home Ethereum News

Blockchain platform Polygon raises $450 million from Sequoia Capital andothers

James by James
February 19, 2022
in Ethereum News
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Blockchain platform Polygon raises $450 million from Sequoia Capital andothers
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The platform develops solutions for scaling the Ethereum blockchain network.

  • The lead investor was Sequoia Capital India venture fund with the participation of SoftBank, Galaxy Digital, Tiger Global, and others.
  • Polygon received funds from the sale of its own Matic token. This is the first major round for the platform. Before that, she had only raised $450,000, according to Crunchbase data.
  • Polygon (formerly Matic Network) is an Ethereum compatible blockchain network-building platform. According to the team itself, they are developing services “similar to the AWS cloud service”, but for Web 3.0.
  • The company will use the funds raised to further develop its technologies for blockchain scaling.
  • According to Coindesk, the price of Matic tokens rose by 17% in 24 hours to $1.9, and the market capitalization of the cryptocurrency was about $20 billion.

#news #polygon

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James

James

James is a 33-year-old cryptocurrency enthusiast who has been involved in the industry since 2017. He has always been a keen follower of the crypto space and has experience in trading and mining cryptocurrencies. Since then, Sam has also written numerous articles on the subject and is passionate about sharing his knowledge and insights with others.

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