The recent crypto winter continues to harm cryptocurrency protocols across the globe. The recent crypto crisis came to life with the insolvency of the FTX crypto exchange.
After the fall of FTX, Genesis Digital, Alameda Research, and most recently Polygon all agreed that they are finding it difficult to maintain the sustainability of their operations.
Talk of Polygon recently asked for help from other financial institutes so that Polygon, an Ethereum layer-2 blockchain that provides scaling solutions could maintain its operations as usual.
According to recent news, Polygon has sold its native token MATIC to generate funds. As a result of this sale, the blockchain has secured funds worth $450M.
These tokens were offered to Sequoia Capital, Galaxy Digital, SoftBank, Tiger Global, and Republic Capital.
The Co-founder of the Polygon platform also said that the Ethereum scale-up project is the future of Web 3.0 and will be adopted widely in the market.
Polygon via its blog announced that the platform has successfully raised the amount of $450 via the sale of its native tokens. This news was welcomed by the crypto community.
The amount will be spent to further strengthen the Polygon blockchain. That is the reason that top institutional investors became part of the project.
Some Industry Leaders Were Also Part of This Fund Raising
Apart from the above-mentioned names, some other industry leaders also helped Polygon to raise the funds.
These prominent names are Alan Howard, the co-founder of hedge management firm ‘Brevan Howard, and Kevin O’Leary a famous ABC shark tank also invested their equities into the fundraising.
The top management of Polygon was happy over their achievement, and they told the press that these funds will help Polygon to support the mass adoption of 3.0.
As a result of this zero-knowledge technology of Web 3.0 Polygon will help billion of users to be the active part of web 3.0.
Previously, before the current market, volatile cycle Polygon also completed the first phase of fundraising where the brand attracted investments from leading protocols such as Alameda Research and others.
In addition to that Sandeep Nailwal, the co-founder of Polygon said that Polygon 3.0 the platform that scaled the Ethereum will be the future of web 3.0 technologies.
As of this writing, Polygon is building more than 7000 decentralized apps (dAPPs) and also developing the world’s biggest web 3.0 project.
For instance, Aave, D&G, Open Seas, and Lazy.com all have reached out to Polygon and asked the blockchain to scale up their web 3.0 projects.
It can be seen that Polygon is leading the way forward for more smart and efficient crypto operations, while the primary focus will be on the transparency and protection of the investor’s assets. The first phase of the upcoming initiatives will begin in 2023.
Polygon’s Price Indicators
The news that Polygon has secured an investment of $450M has positively impacted the price of the Polygon MATIC token. Analysts have said that in the coming 7 days, the price of Polygon is expected to increase by $0.046531.
On December 18, 2022, the price of Polygon is expected to touch the $0.958907 mark. Despite the fact that for the past 7 days Polygon MATIC is dominated by the bears as its price decreased by 0.21%.
However, with the arrival of this news, the price has surged a bit. And will continue to do so for the next 7 days.
Now is the right time for investors who are willing to earn short-term profit in the coming days. Expect from Polygon, some other Altcoins have also shown stability in prices.
It is expected that for the coming year 2023, the current market volatility will become less intense. Experts also believe that the overall cryptocurrency market will be revived after the mid of the year 2023.