Polygon, an eponymous firm behind a scaling solution for the Ethereum network, has raised $450 million in its latest funding round led by Sequoia Capital India. The latest funding round also brought the firm's valuation at $13 billion. The firm said in a blog post, other investors, including SoftBank Vision Fund 2, Galaxy Digital, Bitfinex, Celsius, Animoca Brands, Alan Howard and Kevin O'Leary, also participated.
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Polygon said in the announcement it will use the proceeds to continue investing in zero knowledge (ZK) technology that is expected to be "key to onboarding the next billion users to Web3." As part of that mission, the team has already committed $1 billion to ZK-related efforts.
The funding comes after Polygon acquired Mir Protocol, a company specialized in the development of Ethereum scaling solutions based on the ZK-Rollups tech for approximately $400 million in December, 2021. As part of the deal, the startup received $190 million in MATIC tokens and $100 million in the stablecoin USD Coin (USDC).
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