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Polygon raised ~$450M through a private sale of its native Matic (MATIC-USD) token in a funding round led by Sequoia Capital India, with participation from SoftBank Vision Fund 2, Galaxy Digital (OTCPK:BRPHF +9.1%), Galaxy Interactive, Tiger Global, Republic Capital and investors including Alan Howard (co-founder of Brevan Howard) and Kevin O’Leary (of Shark Tank fame).
“With this war-chest, the core team can secure Polygon’s lead in paving the way for mass adoption of Web3 applications, a race that we believe will result in Ethereum (ETH-USD) prevailing over alternative blockchains,” the company said in a statement.
Matic (MATIC-USD) tokens jump 16% in midafternoon trading on Monday.
Polygon is building a range of tools for Web3 similar to what Amazon Web Services did for Web2 developers, the company said. More than 7,000 decentralized apps are currently building on Polygon, it said.
With the increasing popularity of the ethereum network, congestion and fees increased. Polygon has created a range of scaling options and says it has “transactions rates that are among the industry’s lowest.
Earlier, Marathon Digital (NASDAQ:MARA), Bakkt (NYSE:BKKT), among other crypto stocks surge as bitcoin rebounds to $44K.
