Polygon’s Tier 2 Scaling Solution has raised $450 million in a funding round backed by some of the largest blockchain venture capital funds, further evidence that large investors are looking to support the future of Web3 development.
The investment round was led by Sequoia Capital India with over 40 venture capital funds including SoftBank Vision Fund 2, Galaxy Digital, Tiger Global and Republic Capital. Billionaire investor Kevin O’Leary also took part in the raise.
Polygon will use the funding to expand its scaling solutions, including Polygon PoS, Polygon Edge, and Polygon Avail, and to support widespread adoption of Web3 applications. The team will also continue to invest in zero-knowledge technologies after committing more than $1 billion to such initiatives in November 2021.
Polygon, which offers scaling and infrastructure support for Ethereum, has gained significant attention over the past year as the explosive growth of decentralized finance and non-fungible tokens raised concerns about the capacity of the Ethereum network. In an interview with Cointelegraph in December 2021, Polygon co-founder Sandeep Nailwal said that the long-awaited Ethereum upgrade is unlikely to provide enough scalability to meet demand. He explained:
“Even if version 2.0 appears here, it will not provide sufficient scalability.[В 2022 году] the Proof-of-Stake update will keep everything the same; for example, Ethereum now has 13 transactions per second [TPS]maybe it will go up to 20 TPS [после PoS], but no more than that. So it doesn’t add anything to scalability.”
Related: Cryptocurrency Business: Cryptocurrency Industry More Bullish Than Bitcoin Charts Jan 27-Feb.2
On the Web3 front, Polygon is very active in expanding its developer network to support the next generation of decentralized applications. As reported, Polygon has partnered with Seven Seven Six, a venture capital firm led by Reddit co-founder Alexis Ohanian, to launch a new $200 million Web3 fund.
In January, Silicon Valley venture capital Andreessen Horowitz announced that it was giving another $1 billion to Web3 startups.
Polygon’s Tier 2 Scaling Solution has raised $450 million in a funding round backed by some of the largest blockchain venture capital funds, further evidence that large investors are looking to support the future of Web3 development.
The investment round was led by Sequoia Capital India with over 40 venture capital funds including SoftBank Vision Fund 2, Galaxy Digital, Tiger Global and Republic Capital. Billionaire investor Kevin O’Leary also took part in the raise.
Polygon will use the funding to expand its scaling solutions, including Polygon PoS, Polygon Edge, and Polygon Avail, and to support widespread adoption of Web3 applications. The team will also continue to invest in zero-knowledge technologies after committing more than $1 billion to such initiatives in November 2021.
Polygon, which offers scaling and infrastructure support for Ethereum, has gained significant attention over the past year as the explosive growth of decentralized finance and non-fungible tokens raised concerns about the capacity of the Ethereum network. In an interview with Cointelegraph in December 2021, Polygon co-founder Sandeep Nailwal said that the long-awaited Ethereum upgrade is unlikely to provide enough scalability to meet demand. He explained:
“Even if version 2.0 appears here, it will not provide sufficient scalability.[В 2022 году] the Proof-of-Stake update will keep everything the same; for example, Ethereum now has 13 transactions per second [TPS]maybe it will go up to 20 TPS [после PoS], but no more than that. So it doesn’t add anything to scalability.”
Related: Cryptocurrency Business: Cryptocurrency Industry More Bullish Than Bitcoin Charts Jan 27-Feb.2
On the Web3 front, Polygon is very active in expanding its developer network to support the next generation of decentralized applications. As reported, Polygon has partnered with Seven Seven Six, a venture capital firm led by Reddit co-founder Alexis Ohanian, to launch a new $200 million Web3 fund.
In January, Silicon Valley venture capital Andreessen Horowitz announced that it was giving another $1 billion to Web3 startups.
