Ethereum blockchain platform Polygon has raised nearly $450 million in a funding round led by Sequoia Capital India. The platform will utilise fresh funds to ensure mass adoption of Web 3.0 applications.
Other who participated in the round were SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and others.
The funds will also allow Polygon to continue investing in cutting-edge zero knowledge (ZK) technology that will be key to onboarding the next billion users to Web 3.0, it said in a statement late on Monday.
“Web 3.0 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” said Polygon Co-founder Sandeep Nailwal.
The Polygon team is building a complete suite of solutions that is similar to what Amazon Web Services (AWS) offers Web 2.0 developers — a tool for every possible use case and scaling at a click of a button.
For Web 3.0, Polygon PoS already offers an execution layer with low fees and high transaction throughput secured by the Ethereum mainnet.
“Technological disruption didn’t start with Web 2.0, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web 3.0 vision,” said Nailwal.
More than 7,000 decentralized apps (dApps) are currently building on Polygon, making it the main destination for Web 3.0 projects.
“The platform of choice to build on the blockchain today is Polygon. Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem,” said Shailesh Lakhani, MD at Sequoia India.
Polygon has also emerged as a prime destination for projects looking to build the future of games on Web3.
Blockchain gaming and NFT arm Polygon Studios was launched in July 2020 to assist in that mission and has since projects including DraftKings, Upshot, Aavegotchi, Zed Run, Skyweaver by Horizon Games, Decentraland, Megacryptopolis, Neon District, Cometh, Animoca Brands’ The Sandbox and Decentral Games.
Polygon PoS adoption has soared exponentially, with a billion transactions recorded last year, said the platform.
The network’s more than 130 million unique addresses and over 2.67 million monthly active users now generate some 3 million transactions per day, more than double the volume of Ethereum.
Polygon’s native MATIC token has a market capitalisation of over $12 billion.