Silicon Valley venture capital firm Sequoia Capital India has invested $450 million in Polygon.
Not wanting to lag behind venture capital firms such as Andreessen Horowitz and Tiger Global, Sequoia Capital India also entered Web3 and cryptocurrency investments.
According to CNBC’s report, Sequoia Capital India’s expectations for Web3 are behind Polygon investment.
While Polygon wants to be an effective platform for big brands to develop their own Web3 strategies, companies like Adidas and Prada are already experimenting with NFT on its network.
The high hype around Web3 causes venture capital companies to turn to this area, and therefore to cryptocurrencies.
Shailesh Lakhani, managing director of Sequoia Capital, who has so far remained silent about investing in cryptocurrencies, said:
“Thousands of developers choose Polygon, Ethereum’s scaling solution, across a range of applications. This is an assertive and aggressive team that values innovation at its core.”
What is Polygon?
Polygon is an Ethereum-based platform. Working as a “layer 2 scaling solution” in the Ethereum ecosystem, the platform has brought many innovations to the Ethereum network. Its icon is MATIC.
After the news, the price of Polygon also moved. MATIC, which increased 12% on a daily basis, continues to trade at $1.94.
