MATIC price skyrockets after $450 million investment from Sequoia Capital, Tiger Global, Softbank
- Sequoia Capital India led a $450 million investment in the Ethereum scaling network Polygon.
- The latest investment is a push for Web3, as the MATIC network plans to further decentralize.
- MATIC price has posted double-digit gains over the past 24 hours, fueling the Web3 narrative.
Venture Capital is keen on Web3 projects, pouring capital into the MATIC network as the scaling solution plans to decentralize further. MATIC price responded to the news of the $450 million investment with double-digit gains.
MATIC price posts 16% gains after news of $450 million investment
In a race to invest in Web3 projects, Sequoia Capital, Tiger Capital and Softbank have poured $450 million into the MATIC network. The Polygon blockchain is an Ethereum scaling solution and plans to decentralize further as a Web3 project.
The Ethereum blockchain suffered from congestion as NFT projects, and DeFi applications went live on its network. MATIC offered a solution, scaling the Ethereum network. The layer-2 scaling solution eases the congestion on Ethereum’s blockchain network.
The Ethereum network can tackle 15 transactions per second (TPS); MATIC scales it to thousands of TPS. MATIC network has over 2.5 million active users and has settled a billion transactions to date.
Demand for the MATIC network has remained strong by implementing updates in the Ethereum network.
Shailesh Lakhani, managing director of Sequoia India,
Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem. This is an ambitious and aggressive team, one that values innovation at its core.
Analysts have evaluated the MATIC price trend and predicted a price rally in the altcoin. @BigCheds notes that MATIC price rallied past the 200-day moving average area.
$MATIC (USDT) nice rally off that MA 200 area hold https://t.co/Cv235sJaJ8 pic.twitter.com/xDshXQA814
— Cheds (@BigCheds) February 7, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
