Polygon Raises $450M From Sequoia Capital India, Galaxy, Softbank to Support Web 3 Plans

Polygon Raises $450M From Sequoia Capital India, Galaxy, Softbank to Support Web 3 Plans
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Polygon Raises $450M From Sequoia Capital India, Galaxy, Softbank to Support Web 3 Plans

Polygon, a secondary scaling solution for the Ethereum blockchain, raised $450 million in a round led by Sequoia Capital India to support the firm’s Web 3 plans.

  • The funding will be used to build Web 3 applications, including Polygon PoS, Polygon Edge and Polygon Avail, which are similar to Amazon Web Services’ offerings for Web 2 developers, Polygon said in statement.
  • Polygon is also investing in zero knowledge technology that it said will be key to onboarding the next billion users to Ethereum.
  • The round included funding from 40 venture capital firms including SoftBank, Michael Novogratz’s Galaxy Digital, Tiger Küresel, Republic Capital and hedge fund manager Alan Howard as well as ABC’s Shark Tank’s Kevin O’Leary.
  • There has been growing interest in Web 3, which is the third generation of internet services and has been made possible by decentralized networks.
  • “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 the statement. “Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution.”
  • The fundraise is the project’s first major financing round since it was founded in 2017.

Read more: What Is Web 3 and Why Is Everyone Talking About It?

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