Polygon raises $450 million, led by Sequoia India and participated by SoftBank

念银思唐

读者

2022-02-08 13:50

This article is about 1208 words, reading the full article takes about 2 minutes

Polygon plans to allocate $100 million annually to its Eco Fund and $10 million each to its products.

AI Summary

Expand

Polygon plans to allocate $100 million annually to its Eco Fund and $10 million each to its products.

This article comes fromThe Block, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Yogita Khatri

Odaily Translator | Nian Yin Si Tang

secondary title

Summary:

- Polygon raised $450 million in a private token sale.

- The Ethereum scaling project plans to expand its ecosystem and attract the next billion users in the cryptocurrency space.Ethereum scaling project Polygon has raised $450 million in a private token sale.The round was led by Sequoia Capital India, with participation from more than 40 other investors, including SoftBank Vision Fund 2, Tiger Global, Alan Howard, Kevin O'Leary, Galaxy Digital , Sino Global Capital, Alameda Research, Digital Currency Group, Accel, Union Square Ventures, and Dragonfly Capital, among others.

Investors received Polygon’s MATIC tokens at a discount, but project co-founder Sandeep Nailwal declined to disclose specifics. As soon as the news came out, MATIC surged 16%. At press time, according to the latest data from CoinGecko, MATIC is currently priced at $1.91, up 6.3% over the past 24 hours.

With the new funding, Polygon plans to allocate $100 million annually to its ecosystem fund and about $10 million each to its products of all sizes, including Hermez, Miden, Zero and Nightfall, Nailwal said. "This will give us three to five years of development time," he added.

Polygon recently pledged to invest $1 billion in ZK-rollup-related scaling efforts, and has since announcedTwo $650 million acquisitions: Mir and Hermez. Nailwal said the new funding will allow Polygon to consolidate its scaling efforts on ethereum and bring the next billion users to ethereum.

"Today, Polygon is one of the top choices for building on blockchain platforms," said Shailesh Lakhani, Managing Director, Sequoia Capital India, "Thousands of developers of various applications are choosing Polygon and their contribution to the Ethereum ecosystem. Provide a complete set of expansion solutions."removeWhile seeing the glamorous side of Polygon, people also have lingering fears about the security incidents that the project has experienced. due to a