A gaggle of enterprise capital (VC) buyers are in talks to again Ethereum scaler Polygon with an funding of $50 million – $150 million, in accordance to a report from TechCrunch on Monday.
- Sequoia Capital India and Steadview Capital are trying to make mentioned funding by means of the acquisition of MATIC tokens, the native coin of the Polygon community, TechCrunch reported, citing sources aware of the matter.
- Polygon is a “Layer 2″ product, which work on prime of main blockchains in order to velocity up transactions. It goals to resolve the scalability issues related to the Ethereum community, which has suffered from congestion and excessive charges.
- If the reported deliberate investments comes to fruition, it might be an indication of confidence in India-based Polygon from the enterprise capital market in South Asia, one thing which has been tough to attain.
- Polygon has beforehand skilled not less than one occasion of its early buyers asking for a reimbursement when the market took a downturn, in accordance to TechCrunch’s report.
- Polygon, Sequoia Capital and Steadview Capital didn’t instantly reply to request for remark.
Read extra: Polygon’s MATIC Token Jumps After 21Shares ETP Listing