Polygon network has raised investments of $450 million

The collected funds will be used for the development of technologies in the Web3 sphere

08.02.2022 - 09:40

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What’s new? The decentralized platform Polygon’s blog has published the news about the completion of one of its largest investment rounds with over 40 major funds and companies. In total, Polygon managed to raise $450 million in the round.

#Polygon is now backed by the best. It's truly reflective of the common vision of the many in making web3 the choice of the billions.#WAGMI💜https://t.co/LgG1OSRvEz— Polygon | $MATIC 💜 (@0xPolygon) February 7, 2022

Who participated? The round was led by Sequoia Capital India, with other participants including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and investors Alan Howard and Kevin O’Leary.

What will the funds be used for? Polygon plans to use the raised capital for further development of the technologies and its own Web3 applications.

“With this warchest, the core team can secure Polygon’s lead in paving the way for mass adoption of Web3 applications, a race that we believe will result in Ethereum prevailing over alternative blockchains. The funds will also allow Polygon to continue investing in cutting-edge zero knowledge (ZK) technology that will be key to onboarding the next billion users to Web3,” the platform’s representatives said.

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