Ethereum side-chain scaling solution Polygon, has announced that it has raised $450 million from notable strategic investors in a recently concluded funding round.
The funding round, led by Indian-based venture capital firm Sequoia Capital, saw the participation of over 40 investors, including Softbank Vision Fund 2, Galaxy Digital, Tiger Global, and Republic Capital.
Sandeep Nailwal, co-founder of Polygon, noted in a press release shared with TechCrunch that the new capital injection will be utilized to build a larger developer ecosystem across several markets.
It is worth noting that the recently concluded funding round is the first for Polygon since 2017 and follows a number of strategic moves from the Ethereum side-chain scaling solution.
Some of the recent moves from Polygon include the acquisition of Hermez Network for $250 million in August 2021, as well as the mid-December purchase of Mir Protocol, which cost the firm $400 million as part of efforts to bolster ZK Technology.
Per the latest announcement, the groundbreaking ZK technology will receive a significant allocation of the fresh $450 million funding.
“The team is also investing in cutting-edge zero-knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum,” excerpts from the announcement read.
Polygon is constantly seeking ways to put its network in the limelight and also lure new investors into attracting its native cryptocurrency, MATIC.
Recall that on January 18, 2022, Polygon completed the much-anticipated EIP-1559 network upgrade, an initiative that will see MATIC become a deflationary crypto asset.
A week after the upgrade was completed, a total of 475,751 MATICs were burned, with more units expected to be burnt out of the total supply in the coming months.
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