Sequoia leads 🇮🇳 Ethereum scaling platform’s $450m raise

India-based Polygon, an Ethereum scaling platform, has raised US$450 million in a strategic raise led by Sequoia Capital India, with Softbank Vision Fund 2 and Galaxy Digital/Galaxy Interactive participating.

Polygon cofounders (From left) Mihailo Bjelic, Jaynti Kanani, and Sandeep Nailwal / Photo credit: Polygon

Polygon’s products help blockchain infrastructure developers’ with scaling needs. The platform provides Layer 2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, standalone and enterprise chains, and data availability solutions.

Its latest fundraise will boost the platform’s scaling capabilities and could encourage the adoption of Web3 applications.

The company was founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic in 2017.

“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,” claimed Nailwal.

Polygon said it has hosted more than 7,000 applications, processed a billion transactions, and secured US$5 billion in assets.

See also: Behind the crypto project backed by Temasek, JP Morgan, DBS

Other investors in this round include:

• Tiger Global
• Republic Capital
• Makers Fund
• Scopely
• Sangha Capital
• Sino Global Capital
• CoinFund
• Alan Howard
• Alameda Research
• DCG
• Bitfinex
• Celsius
• Seven Seven Six
• Transcend Fund
• WorkPlay Ventures (Mark Pincus)
• Third Point
• Blue Pool Capital
• Accel Partners
• Steadview Capital
• Finality Capital Partners
• Unacademy
• Elevation Capital
• Sound Ventures
• Animoca Brands
• Ghaf Capital
• dune ventures
• Union Square Ventures
• Voodoo
• Dragonfly Capital
• Spartan Group
• Variant Fund
• Standard Crypto
• Kevin O’leary