MATIC price surged double-digit amid market-wide recovery and an investment round led by Sequoia Capital.
Venture capital firm Sequoia Capital led a financing round for the Ethereum layer 2 scaling solution Polygon, becoming the latest Silicon Valley company to invest in the Web3 space.
According to CNBC on Monday (February 7, 2022), Polygon recently raised $450 million, with Sequoia Capital leading the investment.
Other companies involved in the fundraising round include Softbank, Alameda Research, Tiger Global, and Galaxy Digital. Prominent individuals such as Reddit co-founder Alexis Ohanian, billionaire hedge fund manager Alan Howard, and TV personality Kevin O’Leary also participated.
Meanwhile, Polygon is looking to allocate $100 million to a dedicated “ecosystem fund,” which would be used to support upcoming development on the network. The remaining capital would be geared towards continuously robust growth of the platform.
This fundraising round comes less than two weeks after Polygon hired Ryan Wyatt, Head of YouTube Gaming, as the new CEO of its game studio called Polygon Studios.
The news about the massive funding round has also coincided with a surge in the price of MATIC, Polygon’s native cryptocurrency. Since the story hit the wire, the asset has gone up more than 15% to nearly $2 as of the time of writing.
Also, the entire crypto market is enjoying a “green day” with asset prices on the rise. Bitcoin leads the way by reclaiming $44,000 for the first time in nearly a month.
Anthonia is a fintech writer who has been involved in the crypto space since 2017 covering developments across regulations, adoption, and several other aspects of the Industry. When not neck-deep in the crypto news cycle, Anthonia spends her free time globetrotting and playing video games.