Web3 has been all the crazy recently and has led to a ton of investors pouring a ton of money into a wide variety of things that are currently considered Web3. A recent recipient of this has been the Polygon blockchain as they have received one of the larger investments to date that I have seen. What I found particularly interesting and exciting about this most recent investment is that it came from a venture capital firm that has for the most part stood on the sidelines.
Sequoia Capital India led a $450 million investment into Polygon far more than the $314 million raised by Solana Labs in a token sale to Andreessen Horowitz earlier this year. This $450 million round included some other big names like Galaxy Digital and Tiger Global investing as well giving it a pretty nice and solid support base. This $450 million in fundraising was done much the same as the Solana Labs fundraising round as a private token sale though no price was announced besides that it was at a discount.
This funding is huge as Polygon has been making huge moves with committing to investing $1 billion in ZK rollup scaling projects and has spent an additional $650 on acquiring two different projects. This expansion though hasn't been without a few scares especially back in December when a critical bug was discovered that could have destroyed the project. The whitehat hackers who discovered the bug were paid a total of $3.46 million in bug bounties which in hindsight looks like a steal for the Polygon team!
This money that was raised has already been allocated as well which is something that I also find encouraging. A $100 million will go to the "ecosystem fund" to help support the development of new projects on the network. The other $350 million will be reserved as "buffer money" or money to help pay for the 240 person team continuing to build out the network not only now but for the years to come.
Recently the project had also announced that Ryan Wyatt, who was the head of gaming at YouTube, was joining the project team to lead its gaming and NFT arm Polygon Studios. Polygon Studios has already announced partnerships with Metaverse Projects like Decentraland and The Sandbox but also Atari a legacy entertainment company! Wyatt's job will be huge in recruiting developers from major studios to build their new games on Polygon's Blockchain.
I love seeing huge improvements like this and the continuation of blockchains to evolve and develop! With this money, I am hoping to see some triple-A games be built on Polygon sooner rather than later!
Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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