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The price of the altcoin reacted with an increase of 8%, to $1.9. The asset ranks 15th in the list of the largest cryptocurrencies by capitalization
Sequoia Capital India has led a $450 million funding round for Polygon, CNBC reports. Tiger Global, SoftBank, Galaxy Digital and other companies also invested in the project.
Managing Director Shailesh Lakhani described Polygon as an ambitious project driven by innovation. Thousands of developers choose Polygon to build decentralized applications and solutions to scale the Ethereum ecosystem, Lahani added.
On news of the investment, the Polygon (MATIC) token rose almost 8% to $1.9. Over the past day, the altcoin has risen in price by 14%, and its capitalization has increased to $13.1 billion, according to CoinGecko. The asset ranks 15th in the list of the largest cryptocurrencies by capitalization. At the end of 2021, the price of the Polygon token updated its all-time high above $2.9. Since then, the altcoin has fallen in price by 34%.
Polygon is an Ethereum-compatible sidechain (chains of blockchains that implement the interaction of distributed registries) of the second level, operating on the PoS (Proof-of-Stake) algorithm. The network is faster and with lower fees than the main Ethereum network.
Sequoia Capital is an American venture capital fund that was founded in 1972. Over its fifty-year history, the fund has invested in such well-known companies as Apple, Cisco, Electronic Arts, Oracle, Google, PayPal, WhatsApp and others. Sequoia Capital India is the Indian arm of the fund.
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