Polygon, a protocol for building Ethereum-compatible blockchain networks, is reportedly in talks with investors including Sequoia Capital India and Steadview Capital to raise from $50 million to $150 million by selling MATIC tokens, TechCrunch has learned, citing sources close to the matter.
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The potential investors would be able to buy MATIC at a 20% discount on the average price of MATIC in the past month. However, the talks are still in progress, so the terms are subject to change. TechCrunch also says Polygon earlier was requested to pay back money to some investors during a bear cycle.
The move comes after 21Shares, a provider of physically-backed crypto exchange-traded products (ETPs), announced the launch of three ETPs based on Polygon, Avalanche and Algorand tokens. The instruments are available on SIX Swiss Exchange, the largest Swiss stock exchange.
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