Polygon Technology raises $450Mn
2022-02-08![Polygon Technology raises $450Mn Polygon Technology raises $450Mn](https://varindia.com/storage/news/uploads/2018/02/620260bb6bcb1.jpg)
Ethereum-based blockchain scaling service provider Polygon has raised $450 million in a funding round led by Sequoia Capital India, Tiger Global Management and SoftBank with participation from more than 40 major venture capital firms including Galaxy Digital, Galaxy Interactive and Republic Capital.
Polygon offers an Ethereum infrastructure platform and plans to use the funds to consolidate its lead position and pave the way for mass adoption of Web3 applications.
The company is building a suite of scaling solutions including Polygon point-of-sale, Polygon Edge and Polygon Avail, which is similar to what Amazon Web Services offers to Web2 developers. Scaling allows Ethereum to communicate with multiple blockchains to help decongest networks, and ensure faster transactions.
Polygon Co-Founder Sandeep Nailwal, said, “Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web's evolution. 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.”
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