Polygon raises USD 450 million from Sequoia India
Led by Sequoia Capital India, Polygon, a secondary scaling solution founded by three Indians for the Ethereum blockchain, has raised $450 million in a round. SoftBank Vision Fund II, Tiger Global, Elevation Capital, Accel Partners and Steadview Capital participated in the fundraising.
The team will use the latest funds to consolidate its lead in the race to scale Ethereum, the company said in a statement.
“Web3 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," Polygon cofounder Naiwal said in a statement. “Technological disruption didn't start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”
“The platform of choice to build on the blockchain today is Polygon. Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem,” said Shailesh Lakhani, managing director at Sequoia Capital India. “This is an ambitious and aggressive team, one that values innovation at its core. Sequoia Capital India is thrilled to lead this significant financing round.”
Polygon is making major investments in zero knowledge cryptography to make sure the growth can continue into the foreseeable future. It said more than 7,000 decentralised apps (dApps) are currently building on Polygon.
The team will use the latest funds to consolidate its lead in the race to scale Ethereum, the company said in a statement.
“Web3 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," Polygon cofounder Naiwal said in a statement. “Technological disruption didn't start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”
“The platform of choice to build on the blockchain today is Polygon. Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem,” said Shailesh Lakhani, managing director at Sequoia Capital India. “This is an ambitious and aggressive team, one that values innovation at its core. Sequoia Capital India is thrilled to lead this significant financing round.”
Polygon is making major investments in zero knowledge cryptography to make sure the growth can continue into the foreseeable future. It said more than 7,000 decentralised apps (dApps) are currently building on Polygon.
