THELOGICALINDIAN - Polygon will admeasure 100 actor to its ecosystem armamentarium and save the butt as absorber money
Polygon has bankrupt a $450 actor raise. Sequoia Capital, one of Silicon Valley’s oldest and best acknowledged adventure basic firms, led the round.
Polygon Raises $450M
Venture basic firms are demography apprehension of Polygon.
The Ethereum ascent band-aid appear it had bankrupt a $450 actor allotment annular Monday. Sequoia Capital India led the round, while added participants included SoftBank, Galaxy Digital, Tiger Global, Alameda Research, Animoca Brands, Spartan Fund, Dragonfly Capital, Variant Fund, and Kevin O’Leary.
Founded in 1972, Sequoia Basic is one of Silicon Valley’s oldest and best acclaimed adventure basic firms, managing over $80 billion in assets. The close has dabbled in crypto back 2015, authoritative a scattering of baby bets in the amplitude through its Scouts program. Its antecedent crypto-related investments accommodate Polychain Capital, MetaStable, and Paradigm. However, its latest advance in Polygon is its better Web3 or crypto-infrastructure bet yet.
Commenting on the investment, Sequoia Managing Director Shailesh Lakhani said:
“The belvedere of best to body on the blockchain today is Polygon. Thousands of developers beyond a ambit of applications are allotment Polygon and their complete set of ascent solutions for the Ethereum ecosystem. This is an advancing and advancing team, one that ethics addition at its core. Sequoia Capital India is captivated to advance this cogent costs round.”
According to the statement, Polygon will admeasure $100 actor of the anew aloft money to an ecosystem armamentarium acknowledging the development and onboarding of new projects on the network. The blow will reportedly be acclimated as “buffer money” to sustain the project’s 240-person team.
Polygon, which has a accepted bazaar assets of about $13.3 billion, is Ethereum’s arch sidechain ascent solution. In 2024, it enjoyed a blitz of absorption afterwards alluring arch Ethereum-native DeFi protocols like Aave and Curve Finance.
Polygon has additionally been expanding its portfolio of Ethereum ascent technologies over the aftermost year. In December, it acquired Mir, a startup that develops zero-knowledge proofs-based ascent solutions, for $400 million. It additionally acquired the EVM-compatible ZK-Rollup agreement Hermez for $200 actor aftermost year.
Due to Ethereum’s advancing ascent challenges, projects like Polygon, the Layer 2 protocols Optimism and Arbitrum, and another Layer 1 blockchains such as Solana and Avalanche accept apparent a billow in bazaar valuations, usage, and acceptance over the aftermost two years. Accordingly, Andreessen Horowitz, Sequoia’s arch-rival in the VC world, has caked hundreds of millions of dollars into Layer 1 protocols such as NEAR, Dfinity, Celo, and Chia over the aforementioned period.
With the Polygon bet, Sequoia is now signaling that it wants a allotment of the growing Web3 pie. Following the announcement, Polygon’s built-in badge MATIC has surged 17% on the day, up from almost $1.80 to $1.98.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
