Indian companies are already making substantial progress in the world of crypto. Polygon, a “secondary scaling solution for the Ethereum blockchain” company has raised $450 million in a fundraising round that was led by “Sequoia Capital India”. The fundraising round saw participation by Soft Bank Vision Fund, Tiger Global, Elevation Capital, Accel Partners and Steadview Capital.
Statement by Sequoia Capital India
Statement by Sequoia Capital India said, “With this war chest, the core team can secure Polygon’s lead in paving the way for mass adoption of Web3 applications, a race that we believe will result in Ethereum prevailing over alternative blockchains. The funds will also allow Polygon to continue investing in cutting-edge zero-knowledge (ZK) technology,”
Who founded Polygon?
Polygon was founded by Sandeep Nailwal, Jayanti Kanani and Anurag Arjun in 1017. These type of solutions work on top of an existing block chain network rather than using their block chain. In just 5 years Polygon’s native token called Matic has achieved a market capitalization of $20 billion.
“The platform of choice to build on the blockchain today is Polygon. Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem,” said Shailesh Lakhani, managing director of Sequoia India.
Shark Tank investment in Polygon
Last year Polygon received a “sizeable investment” from US-based billionaire entrepreneur Mark Cuban. “Polygon is the first well-structured easy to use platform for Ethereum Scaling and infrastructure development,” said Cuban, who is also the owner of NBA’s Dallas Mavericks and one of the main “shark” investors on the reality TV show, ‘Shark Tank’.
Reports suggest that Cuban is integrating Polygon Crypto into Lazy.com, a portfolio company that allows easy display of non-fungible tokens (NFTs). “The best thing to hear was Mark Cuban himself uses applications on Polygon. Getting investment from Mark Cuban is a big stepping stone for Polygon as it will attract more Tier I investors in the US towards the Polygon ecosystem,” said Sandeep Nailwal, co-founder of Polygon.