Ethereum blockchain platform Polygon raises $450 mn led by Sequoia

Ethereum blockchain platform Polygon has raised nearly $450 million in a funding round led by Sequoia Capital India.
Dollar spending on technologySoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and others, have also participated during the funding round.

Polygon will utilize fresh funds to ensure mass adoption of Web 3.0 applications. The funds will allow Polygon to continue investing in zero knowledge (ZK) technology that will be key to onboarding the next billion users to Web 3.0.

“Web 3.0 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” said Polygon Co-founder Sandeep Nailwal.

The Polygon team is building a complete suite of solutions that is similar to what Amazon Web Services (AWS) offers Web 2.0 developers — a tool for every possible use case and scaling at a click of a button.

Polygon PoS already offers an execution layer with low fees and high transaction throughput secured by the Ethereum mainnet.

More than 7,000 decentralized apps (dApps) are currently building on Polygon, making it the main destination for Web 3.0 projects.

Polygon has also emerged as a prime destination for projects looking to build the future of games on Web3.

Polygon PoS adoption has soared exponentially, with a billion transactions recorded last year, said the platform.

The network’s more than 130 million unique addresses and over 2.67 million monthly active users now generate some 3 million transactions per day, more than double the volume of Ethereum.

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