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In a statement shared on its official blog site, Polygon stated that the blockchain platform had raised $450 million in a private auction of MATIC, its native currency.
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Participating investors in the funding round included Tiger Global, Republic Capital, Galaxy Digital, SoftBank Vision Fund 2, and Sequoia Capital India.
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Important business figures like Kevin O'Leary of ABC's renowned Shark Tank and Alan Howard, co-founder of the fund management company Brevan Howard, also contributed to the funding for the series.
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With this "warchest," Polygon asserts that it will drive widespread adoption of web3.0 applications globally, with Ethereum dominating competing blockchains.
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With the money raised from this round, Polygon will be able to develop cutting-edge zero-knowledge (ZK) technology and onboard a billion users to web3.
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Sandeep Nailwal, the co-founder of Polygon, asserted that Polygon-scaled Ethereum will eventually serve as the basis for web3 development.
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The team is simultaneously developing a wide range of scaling options at extremely low transaction rates.
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The major web 3.0 projects and 7,000 decentralised apps (dApps) are now built on Polygon, from DeFi protocols like loan site Aave to luxury goods firm Dolce & Gabbana.
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Mark Cuban's Lazy.com and NFT marketplace OpenSea have both chosen Polygon to scale their projects.
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Sequoia, SoftBank, Galaxy, and Other Investors Help Polygon Raise $450M originally appeared on Coin Edition.
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