Ethereum scaling platform Polygon has raised about $450 million in a round led by Sequoia Capital India with participation from more than 40 major venture capital firms including SoftBank and Tiger Global, and prominent individual investors like Alan Howard (co-founder, Brevan Howard) and Kevin O’Leary (Mr Wonderful from ABC’s Shark Tank). Polygon was founded by Sandeep Nailwal, Jaynti Kanani, Anurag Arjun and Mihailo Bjelic.
“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,” said Nailwal.
Web3 refers to the decentralised web, which uses blockchain technology to create peer-to-peer networks. The funding will allow the team to consolidate its lead in the race to scale Ethereum, obviating the need for any alternative blockchains.