Ethereum scaling solution provider Polygon raises $450 million from SoftBank, Sequoia Capital India

Polygon, a scaling solution provider for the Ethereum blockchain, announced today a $450 million raise from some of the biggest venture capital firms in the blockchain space.

Some of the participants include Sequoia Capital India, Tiger Global, SoftBank and Galaxy Digital, among many other big firms and individual investors such as Kevin O’Leary. Unlike other scaling solutions, Polygon has its own MATIC token. Investors in this round purchased MATIC tokens from Polygon in a private round.

While many of the firms participating in this round are no strangers to the blockchain space, for many it's their first foray into projects focused specifically on scaling the Ethereum blockchain.

Ethereum currently has the largest developer community, but because the chain has a limited number of trasaction per block to avoid network bloating and centralization, many new scaling solution are being developed by different teams to help the network accomodate billions of users.

The new funding round will allow Polygon to expand their developer ranks and extend their runway. Polygon also plans to create a $100 million ecosystem fund with the new funds.