Sequoia Capital India led the financing round
Sequoia Capital India led Polygon's first significant investment round. Tiger Global and SoftBank, Galaxy Digital, Republic Capital, Makers Fund, Alameda Research, Alan Howard, Alexis Ohanian, Steadview Capital, Elevation Capital, Animoca Brands, Spartan Fund, Dragonfly Capital, Variant Fund, and Kevin O'Leary also participated in the token purchase.In an article that appears to be accessible only through a CNBC back-up, it says that Polygon plans to invest $100 million of the funds in an "ecosystem fund" that will support the development of new projects on its network. The rest will be part of a reserve to help Polygon's 240-person team continue to build out the platform in the coming years.
What is Polygon?
Polygon is a "layer two" or "sidechain" scaling solution that runs alongside the Ethereum blockchain. Polygon has focused on Plasma's technique to move information off the Ethereum blockchain. Still, the company has expanded its focus in recent years to include several technologies, including Zero-Knowledge Rollups, Optimistic Rollups, and Validium, to address these challenges. To do so, it has acquired several start-ups working on these solutions, such as Mir Protocol and Hermez Network.More than 7,000 decentralized applications, including NFT service OpenSea, DeFi services Aave, Curve, Sushiswap and Uniswap, and Metaverse projects Decentraland and Sandbox, are deployed on Polygon's main network. The platform has processed more than 23 million blocks and 1.3 billion transactions. Polygon's token, known as MATIC, reacted positively to the news and is currently up 15%, according to Coingecko.
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