The Polygon project held another round of fundraising, during which it raised $450 million. The funds will be used to scale the Ethereum network and implement Web3 applications.
According to a press release from Polygon, this fundraising round was one of the largest for the project since 2017. More than 40 firms participated, including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global and Republic Capital. Sequoia Capital India became the leader of the round.
Tokens of the Polygon MATIC project became the 15th crypto asset by market capitalization. Last August, the company acquired Hermez Network for $250 million, and in mid-December it bought startup Mir to develop Polygon Zero, a highly scalable, Ethereum-compatible ZK-based storage package.
“We are building a suite of scaling solutions such as Polygon PoS, Polygon Avail, and Polygon Edge, which is similar to Amazon Web Service but for Web3,” the statement said.
Polygon co-founder Sandeep Nailwal is confident that with the help of Polygon, the Ethereum network will reach a new level of scalability and become the basis for the next stage in the evolution of the Internet.
In December last year, it became known that a vulnerability in the Polygon network could lead to the theft of $ 24 billion.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
