Layer-2 scaling resolution Polygon has raised $450 million in a funding spherical that was backed by a few of blockchain’s greatest enterprise funds — providing additional proof that main traders wish to help the way forward for Web3 growth.
The funding spherical was led by Sequoia Capital India with participation from greater than 40 enterprise capital funds, together with SoftBank Imaginative and prescient Fund 2, Galaxy Digital, Tiger International and Republic Capital. Billionaire investor Kevin O’Leary additionally participated within the increase.
Polygon will use the funding to increase its scaling options, which incorporates Polygon PoS, Polygon Edge and Polygon Avail, and help mainstream adoption of Web3 purposes. The group can even proceed to put money into zero-knowledge expertise after committing over $1 billion to such initiatives in November 2021.
Polygon, which affords scaling and infrastructure help to Ethereum, has attracted appreciable consideration over the previous 12 months because the explosive progress of decentralized finance and nonfungible tokens raised considerations about Ethereum’s community capability. In an interview with Cointelegraph in December 2021, Polygon co-founder Sandeep Nailwal mentioned that Ethereum’s highly-anticipated improve is unlikely to offer sufficient scalability to satisfy demand. He defined:
“Even when 2.0 is available in right here, that won’t present sufficient scalability. [In 2022], the proof-of-stake improve will hold the whole lot the identical; like Ethereum has 13 transactions per second [TPS] proper now, perhaps it’s going to go to twenty TPS [after PoS], however no more than that. So that doesn’t add something to scalability.”
On the subject of Web3, Polygon has been extremely energetic in increasing its developer community to energy the subsequent era of decentralized purposes. As Cointelegraph reported, Polygon partnered with Seven Seven Six, a enterprise capital agency led by Reddit co-founder Alexis Ohanian, to launch a brand new $200 million Web3 fund.
In January, Silicon Valley enterprise fund Andreessen Horowitz introduced it was committing one other $1 billion to Web3 startups.