Sequoia Capital India, Steadview Capital, and various investors are planning to invest between $50 million and $150 million in Polygon.
The investments would be done through token purchases and would include a discount of 20% on the average price of MATIC in the past month.
Polygon has grown in providing a layer two solution to the Ethereum blockchain. The network has surpassed $14 billion in market cap and handles over 7.5 million daily transactions. The network solution enables developers to cut down on the high Ethereum gas fees.
Sushi Swap, Aave, and Curve Finance are some of the projects built on the chain. The network had remained resilient from the time some of its early investors recalled their funds when it faced a bearish turn.
Polygon’s co-founder Sandeep Nailwal says that Web 3.0 is anchored on Ethereum and that the firm is hopeful that the blockchain will remain strong.