Polygon Bags $450M in Private Sale to Boost Web3 Adoption

Polygon (MATIC) announced that it has raised $450 million through a private sale funding event. The fundraising program was co-led by Sequoia Capital India.

Many other venture capitals including SoftBank, Galaxy, Tiger, and Republic Capital participated in Polygon’s strategic private sale event. In addition, the private sale event garnered massive support from many angel investors like Alan Howard (Co-Founder, Brevan Howard) and Kevin O’Leary (Mr. Wonderful from ABC’s Shark Tank), to name a few.

Polygon aims to use the fund to pave the way for greater mass adoption of Web3 technology. In turn, Polygon has a long-term goal to make the Ethereum network the most effective blockchain in the market compared to the other existing blockchains by using the fund. This will make the ETH network more open for DApp developer’s adoption.

What’s more, Polygon will use the fund to invest in cutting-edge zero-knowledge (ZK) technology with the intention to drive billions of users to Web3. Best of all, the Polygon team sees the private sale fundraising as a testament that will bring a complete presence of Web3 into reality.

 Polygon Co-Founder, Sandeep Narwal, said,

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. The 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.”

On top of this, the team behind Polygon is building a simplified solution similar to what Amazon Web Services provides for Web2 developers. Galaxy Digital CEO, Mike Novogratz expressed his excitement towards Polygon’s effort about Web3.

The excitement about Polygon and Ethereum is that together they are building the base layer for this new Internet.