- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.