Ethereum layer-2 scaling solution Polygon has raised US$450 million from several big name investors including Sequoia Capital India, SoftBank, Galaxy Digital and Tiger Global, boosting its war chest as demand for its services grow.
Fast facts
- Polygon is one of the most prominent Ethereum scalers whose tools allow developers to create decentralized apps (dApps) and users to bypass Ethereum’s congestion and high transaction costs.
- Shailesh Lakhani, MD at Sequoia India, described Polygon as “the platform of choice to build on the blockchain” in a blog post by Polygon.
- Investors say they are bullish on Polygon as the Ethereum scaling platform is expected to be part of the next stage in the web’s evolution, addressing Ethereum’s key issues — throughput and costs.
- To keep the growth flywheel going, Polygon is making major investments into zero-knowledge technology.
- Polygon’s cryptocurrency MATIC was trading at US$2.03, up 17% over the past 24 hours, at press time, according to CoinGecko data.