Sequoia Capital has become the latest venture firm to bet big on web3 after leading a $450 million investment round in Polygon (CRYPTO: MATIC).

Polygon is a Layer 2 scaling solution for Ethereum (CRYPTO: ETH). It is a solution built on top of Ethereum that enhances transaction speed by taking a load off the underlying blockchain.

“The platform of choice to build on the blockchain today is Polygon. Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem,” said Shailesh Lakhani, MD, at Sequoia India, in a statement. 

“This is an ambitious and aggressive team, one that values innovation at its core. Sequoia Capital India is thrilled to lead this significant financing round.”

Last year, the platform attracted investment from billionaire investor Mark Cuban who described Polygon as a solution that was “destroying everybody else.”

Price Action: As of Monday morning, Polygon’s native token MATIC was trading at $1.95, gaining 15.72% in the last 24 hours. The cryptocurrency had a daily trading volume of $1.5 billion and a market cap of $14.5 billion at press time.

Image by Gerd Altmann from Pixabay