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Polygon raised $400 mln by investors: team promises to scale Ethereum

Polygon raised $400 mln by investors: team promises to scale Ethereum

Polygon blockchain project succeeded in raising $400 million from more than 40 investment companies. The money raised will be used to scale Ethereum and support the mass deployment of Web3 applications.

According to Bitcoin.com, the investment round was led by Sequoia Capital India, which made the biggest contribution. Other investors included SoftBank, Galaxy Interactive, Galaxy Digital, Vision Fund 2, and others. The money raised will be used to further develop Ethereum and support Web3 applications. 

“Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge, and Polygon Avail, that is similar to what Amazon Web Services offers Web2 developers — a tool for every possible use case,” the funding round announcement explains. “The team is also investing in cutting-edge zero-knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum.”

As a reminder, this is the first major investment round of this blockchain since 2017. The raising of capital became possible after a series of active purchases by the project. In particular, Hermez Network and Mir protocols, using "groundbreaking ZK rollup technology," were acquired.

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