Polygon has raised approximately $450 million through a private sale of its MATIC token in a funding round. The funding round, led by Sequoia Capital India, was attended by leading investors such as SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, Alan Howard, and Kevin O’Leary. This funding round marks the first major funding round since Polygon was founded in 2017.
This investment will secure Polygon’s leadership in paving the way for mass adoption of Web3 applications. The funds will also enable Polygon to invest in cutting-edge technologies.
Voodoo, which decided to invest in blockchain games last month, is also among the investors. The company, which will invest in people who want to create new teams and blockchain games, has ten internal and external studios focused on blockchain games. Voodoo plans to build an additional 20 studios in the future that will focus solely on the development of blockchain games.
Voodoo CEO Alexandre Yazdi made the following comments about the investment:
“I am thrilled to announce that Voodoo is backing Polygon. We believe that Polygon has developed a strong and scalable blockchain architecture to bring Play & Earn games to global audiences. Together with Voodoo’s growth, tech and coaching capabilities, this will offer studios and developers around the world a complete solution to publish their games easily and securely on the blockchain.”
The only question mark on Ethereum is how to increase the processing capacity of the network. The rapidly growing popularity of decentralized financing, NFTs, new applications has brought congestion and rising fees. Polygon stepped in with a wide range of scaling options and transaction rates among the industry’s lowest.
Polygon has also emerged as a prime destination for projects looking to build the future of games on Web3. Blockchain gaming and NFT arm Polygon Studios was launched in July 2020 to assist in that mission and has since attracted projects including DraftKings, Upshot, Aavegotchi, Zed Run, Skyweaver by Horizon Games, Decentraland, Megacryptopolis, Neon District, Cometh, Animoca Brands’ The Sandbox and Decentral Games.
Sandeep Nailwal, Co-Founder of Polygon, made the following comments about Web3:
“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. Technological disruption didn’t start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”