Reddit founder Alexis ohanian's fund Seven Seven Six has also invested. Interestingly, after Mark Cuban (star of the TV show Shark Tank) backed the company last year, Kevin O’leary (also from Shark Tank) has now participated in the round through the private token sale.
This marks as one of the biggest rounds in the crypto space globally with a number of venture capital firms first time betting in the space.
The Indian Layer-2 company which helps Ethereum’s network to solve its growing pains, was founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun in late 2017. Polygon’s native MATIC token has a market capitalization of over $12 billion.Polygon is looking to build an array of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail. These work similar to Amazon Web Services which cater to offers Web2 developers. The team is also investing $1 billion in zero knowledge (ZK) technology to onboard the next billion users to Ethereum, said the company in a statement. More than 7,000 decentralized apps (dApps) are currently building on Polygon, as per the company’s statement. Polygon has worked with some of the top Web3 projects over the past year, like lending platform Aave to luxury brands company Dolce & Gabbana and NFT marketplaces including OpenSea and Mark Cuban’s Lazy.com. Virtual worlds such as Decentraland and The Sandbox are also looking to launch their metaverse on the network, said the company.Polygon PoS recorded over a billion transactions last year. The network has more than 130 million unique addresses and over 2.67 million monthly active users now which generates around 3 million transactions per day, more than double the volume of Ethereum. “Web3 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."Technological disruption didn't start with Web2, 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 Web3 vision," he added.
Polygon aims to solve some of the fundamental issues on Ethereum blockchain like the network's capacity to handle more transactions, congestion due to decentralized finance (DeFi) and non-fungible tokens (NFTs) and soaring fees.“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.
“This is an ambitious and aggressive team, one that values innovation at its core. Sequoia Capital India is thrilled to lead this significant financing round.”
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