Institutional Investors Get On Board
This was Polygon’s first major funding round. This round was to help Polygon expand its portfolio of Ethereum scaling services and solutions to attract a larger developer community. Among those who participated were: SoftBank, Galaxy Digital and Tiger Global. Sequoia Capital India was the principal investor. This is the first time that many of these investors have bet on an Ethereum scaling solution.
Charts of Cofounders Polygon Path
Sandeep Nailwal (founder of Polygon), believes that institutional investors will be a great way to grow the brand and create partnerships. Polygon will also be able to expand its developer ecosystems in many markets through the funding.
Nailwal also stated that the startup’s $100 million ecosystem fund would support its ambitions for more accelerators, hackathons and grants.
Latest Upgrades on Polygon
Polygon, one of the few Layer-2 platforms that targets issues on Ethereum's network, is using methods to pull a wide variety of transaction information from the blockchain. This will enable the platform to store more transaction details in an Ethereum block, which will increase the processing speed.
Polygon previously tried to move information using the Plasma technique. It has been looking into other technologies such as zero-knowledge rollups and optimistic rollups. It has spent almost a billion dollars on acquisitions of firms that could help it grow its business model. Polygon released the most recent EIP 1559 update in January. This will allow the burning of native MATIC tokens and increase fee visibility.