Blockchain platform Polygon raises $450 million from Sequoia Capital andothers

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.
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