Polygon Raises $450M in Web3 Development Funding

Large investors like Sequoia are turning their attention to Web3 projects and are seriously thinking about supporting scaling services. That is why, when the creators of Polygon announced the launch of the next round of funding, many companies took part in it.

The main percentage of investment was received from Sequoia Capital India. In total, more than 40 companies participated in this round, including SoftBank, Tiger Global, Galaxy Digital, Republic Capital, as well as private investor Kevin O'Leary.

The funding received by Polygon will be used to improve its products, including PoS, Edge and Avail. Part of the funds will be allocated to support the implementation of Web3 applications.

Polygon solutions have become mega popular in 2021 due to the release of a large number of DeFi and NFT projects on the Ethereum blockchain and the need to create a network with high bandwidth.

According to one of the founders of the project, the launch of ETH 2.0 will not devalue the merits of Polygon, since the second generation network will not process transactions super fast.

So, if now Ethereum conducts 13 transactions per second, then after the introduction of Proof-of-Stake this indicator will not exceed 20. Therefore, Polygon will still be needed.

In addition, you need to actively invest in Web3 projects. Polygon understands this and is actively hiring to develop next generation Dapps.

A $200 million Web3 support fund will also be launched soon with Seven Seven Six. The agreement with the management of the venture firm has already been signed.

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