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Sequoia-Led Group Buys Polygon’s Crypto Token for $450 Million

  • SoftBank, Tiger Global, Alexis Ohanian also among Matic buyers
  • Polygon protocol serves as Layer 2 infrastructure for Ethereum

Polygon, the operator of an eponymous protocol used by developers to make Ethereum transactions quicker and cheaper, raised $450 million by selling its Matic crypto token to investors led by Sequoia Capital India.

SoftBank Group Corp.’s Vision Fund 2, Mike Novogratz’s Galaxy Digital, Tiger Global, Alexis Ohanian and Animoca Brands Corp. were among more than 40 investors participating in the funding. Polygon’s token, capped at 10 billion units, is the closest analog to holding equity in the protocol. Matic traded at a high of $1.94 on Tuesday, according to data from CoinGecko.