Scaling solution Polygon has generated $450 million in its latest funding round supported by major blockchain backers, Coin Telegraph reported.
The funding round saw support from over 40 venture capital funds such as Galaxy Digital, SoftBank Vision Fund 2, Tiger Global, Republic Capital, and Sequoia Capital India.
Proceeds from the latest funding round will be used to expand Polygon’s scaling solutions such as Polygon PoS, Polygon Edge, and Polygon Avail. It will also be partly used for zero-knowledge technology, with a $1-billion commitment in 2021.
Polygon Co-founder Sandeep Nailwal in December said that the awaited Ethereum upgrade is unlikely to offer sufficient scalability to address demand, saying that this will only “keep everything the same.”
Polygon earlier teamed up with venture capital firm Seven Seven Six to roll out a $200-million Web3 fund. MATIC is up 16.78%, while ETH is up 4.28%.