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Sequoia Capital India Leads $450 Million Round for Polygon With SoftBank, Galaxy, Tiger, Republic Capital

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Sequoia Capital India Leads $450 Million Round for Polygon With SoftBank, Galaxy, Tiger, Republic Capital
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The backing from leading global institutions is a vote of confidence in Polygon’s position as Ethereum’s leading scaling solution and the team’s vision for Web3.

Polygon raised about $450 million in a funding round led by Sequoia Capital India with participation from more than 40 major venture capital firms including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and prominent investors like Alan Howard (co-founder, Brevan Howard) and Kevin O’Leary (Mr. Wonderful from ABC’s Shark Tank).

Polygon’s first major financing round since the project’s founding in 2017 has also attracted contributions from Alameda Research, Transcend Fund, Makers Fund, Animoca Brands, global video game leader and games industry investor Scopely, dune ventures, Union Square Ventures, Alexis Ohanian’s Seven Seven Six, Elevation Capital, Sino Global Capital, DCG, Standard Crypto, Celsius, Dragonfly Capital, Variant Fund, Blue Pool Capital, WorkPlay Ventures (led by Zynga founder Mark Pincus), and many more. The funds will be raised through a private sale of Polygon’s native MATIC token.

This will allow the team to consolidate its lead in the race to scale Ethereum, obviating the need for alternative blockchains and paving the way for mass adoption of Web3 applications. Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail, that is similar to what Amazon Web Services offers Web2 developers — a tool for every possible use case. The team is also investing in cutting-edge zero knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum.

Polygon has always been a community-first project and owes its success to the ecosystem of early believers, developers and stakeholders. This investment round is the tide that lifts all boats and exemplifies the role the community plays in making Web3 a reality.

“Web3 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” said Polygon co-founder Sandeep Nailwal. “Technological disruption didn’t start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”

The most pressing question for the Ethereum community has been how to increase the network’s capacity to handle more transactions. The skyrocketing popularity of new applications in decentralized finance (DeFi) and non-fungible tokens (NFTs) brought with it congestion and soaring fees. Polygon has stepped in with a broad range of scaling options and transaction rates that are among the industry’s lowest.

Over the past year, Polygon has attracted some of the biggest projects in Web3, from DeFi protocols such as lending platform Aave to luxury brands company Dolce & Gabbana and NFT marketplaces including OpenSea and Mark Cuban’s Lazy.com. Virtual worlds such as Decentraland and Animoca Brands’ The Sandbox are also laying the groundwork for the metaverse on the network. More than 7,000 decentralized apps (dApps) are currently building on Polygon, making it the main destination for Web3 platforms and developers.

“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. “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.”

Polygon PoS adoption has soared exponentially, with a billion transactions recorded last year. The network’s more than 130 million unique addresses and over 2.67 million monthly active users now generate some 3 million transactions per day, more than double the volume of Ethereum. Polygon’s native MATIC token has a market capitalization of over $12 billion.

To make sure the growth can continue into the foreseeable future, Polygon is making major investments into zero knowledge cryptography, a technology widely seen as the end game for blockchain scaling. The core development team made it a centerpiece of its strategic vision in the Zero Knowledge Thesis published in August. As part of that mission, the team has committed $1 billion, a significant portion of the treasury, to ZK-related efforts.

Polygon is now home to an unrivaled collection of ZK efforts. The portfolio includes a zkEVM being developed by Polygon Hermez, privacy-focused Polygon Nightfall rollup built in collaboration with EY, Polygon Miden’s general purpose STARK-based rollup and Polygon Zero team applying a technique called recursion to ZK proofs.

“Adoption by individual users and enterprises, the emergence of real-world applications like DeFi and NFTs, and broader involvement from the institutional community are all strong indicators that Web3 has passed a major installation milestone and is here to stay,” Galaxy Digital CEO Mike Novogratz said. “Together, Polygon and Ethereum are building the base layer for a new Internet, which is why we’re excited to play a role in this important fundraise.”

Asia

MelBet Appoints Bollywood Actress Sherlyn Chopra as its New Brand Ambassador

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International iGaming company MelBet has appointed Sherlyn Chopra, one of India’s famous and glamorous actresses, as its new brand ambassador.

As a brand ambassador, Sherlyn would be involved in creating exclusive content and promoting MelBet in international markets.

Sherlyn Chopra is known for her significant success in the film and television industry. Her work, including her role in the psychological thriller, Red Swastik, made her popular in India. Sherlyn is actively involved in showbiz and continues to expand her horizons by doing popular web-series, music albums, short films, launching glamour and style apps and other creative projects.

“I am incredibly excited to become a part of the MelBet family. Sports are more than just games or competitions as they unequivocally bring people together. I am proud to contribute to its popularisation with such a reliable partner. MelBet is not just about gaming, casinos, or sports. It is about team spirit towards involvement in the games, followed by highs and lows which are inevitable in the pursuit of success and victory. MelBet is an experience that brings us closer as a community and in setting our goals and achieving them. I am looking forward to starting our collaborative journey and the opportunities that we can create and explore for our growing game lovers,” Sherlyn Chopra said.

With this appointment, Sheryln joins other leading names, who represent MelBet in India and globally. MelBet believes that with her fearless approach to pushing boundaries, she embodies the innovative spirit that MelBet values – which led to her appointment. This partnership is expected to strengthen MelBet’s connection with sports enthusiasts, gamers and those passionate about the game, opening up new opportunities for clients and helping to further expand the brand’s reach across South Asia.

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Asia

Savvy Games Delegation Joins More Than 30,000 Fans for Tencent and Hero Esports’ Honor of Kings Grand Finals in Beijing

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The inaugural King Pro League Grand Finals 2024, the biggest esports event in China, drew more than 30,000 fans to a sold-out Beijing Workers’ Stadium on Nov 16. A delegation from Savvy Games and the Esports World Cup Foundation also joined the iconic event hosted by Chinese tech giant Tencent and the largest esports company in Asia, Hero Esports (formerly known as VSPO).

HRH Prince Faisal bin Bandar bin Sultan Al Saud, Vice Chairman of Savvy Games Group (Savvy); Brian Ward, CEO of Savvy; and Ralf Reichert, CEO of the Esports World Cup Foundation, attended the tournament where two top Chinese esports teams competed for the inaugural Holy Dragon Cup and a record prize pool.

A total of 70 million rmb ($9.8 million) was awarded to the top 12 teams who advanced through the rounds of the six-week-long tournament. The final showdown was between Chengdu All Gamers and Chongqing Wolves, where Chengdu All Gamers emerged victorious in a best-of-seven series and took home 22 million rmb ($3.1 million) in prize money.

King Pro League, the premier esports league for Tencent’s hit game Honor of Kings, is the biggest esports league in Asia. Honor of Kings is the world’s most popular mobile game with more than 100 million daily players. Hero Esports has been the organizer of KPL tournaments since the league was first launched in 2016.

This year marks the inaugural KPL Grand Finals, which replaces the Honor of Kings International Championship for Chinese Honor of Kings competitors and features the top teams from across China, one of the biggest esports markets in the world with the most players. Events were held at arenas in Chengdu, Hangzhou and Changsha, with the Grand Finals event being held in Beijing.

The popularity of esports is growing rapidly around the world, encouraged by government support in a number of countries and new products and technology. According to a Frost & Sullivan Report, the market size of the esports gaming industry has experienced a significant increase at a CAGR of 15.2% from US$29.8 billion in 2017 to US$52.6 billion in 2021, and is expected to increase further at a CAGR of 12.1% from US$57.9 billion in 2022 to US$102.4 billion in 2027.

The report also shows that the number of gamers globally has experienced a significant increase at a CAGR of 7.1% from 2.3 billion in 2017 to 3.1 billion in 2021, and is expected to further increase at a CAGR of 5.5% from 3.3 billion in 2022 to 4.3 billion in 2027.

Danny Tang, CEO and Co-Founder of Hero Esports, commented: “Hero Esports is proud to have been a part of the first King Pro League Grand Finals, which is an example of the high calibre esports tournaments that fans and players everywhere deserve. The strong enthusiasm we’ve seen for this event in its first year is a testament to the significant growth of interest in this sport and the support of our high-profile sponsors. The atmosphere in the arena was electric and we congratulate the Chengdu All Gamers in winning the inaugural Holy Dragon Cup.”

Hero Esports, formerly known as VSPO, is a leading player in the global esports industry, collaborating with major game developers and global brands and organizing tournaments for players and fans across the world. It is the biggest esports tournament operator in Asia, having hosted 86 tournaments in the region in 2023, of which 62 were in China, compared with a total of 77 tournaments in 2020, of which three were overseas. The company recently announced the Esports Asian Champions League (ACL), Asia’s new premier international esports tournament featuring multiple titles.

Sponsors of the King Pro League Grand Finals 2024 include Meituan, Snapdragon and SAIC Volkswagen and iQOO.

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Asia

Natural8 India gives poker enthusiasts across the country a chance to become Asian Poker Tour (APT) champions from the comfort of their homes!

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Ever dreamt of testing your skills at poker competitively, against some of the best poker players in Asia? If you have, then let it be a dream no more! Natural8 India is giving poker players across the country, both amateur and professional, a chance to win up to 20 Asian Poker Tour (APT) trophies with the biggest-ever online APT series with millions in prize pools: the APT Online 2024!

Having kicked off on November 10, the APT Online 2024 offers players a chance to win up to 20 APT trophies, including three exclusive and bespoke APT Online Lion Trophies, and millions in prize pools across the Main Event, High Roller, and Super High Roller tables. Natural8 India will also automatically enter all players participating in any APT Trophy events into the Lucky Draw Flipout at no extra charge, giving five top players a chance to win the APT Main Event Live Packages.

Speaking about the event, Kunal Patni, Executive Director and Country Head, Natural8 India, said, “The APT Online 2024 is an unparalleled opportunity for poker enthusiasts in India to experience the thrill of competitive poker on a grand stage. We are thrilled to bring this prestigious series to players across the country, giving them the chance to not only test their skills against the best and compete for APT trophies and massive prize pools. Our goal is to make top-tier poker accessible to everyone, and we hope to inspire a new wave of talent to rise through India’s growing poker community. We are excited with the response so far and are looking forward to even more players, whether seasoned pros or just starting on their poker journeys, to participate in the exciting, thrilling experience that the APT Online 2024 is shaping up to be!”

With all this available with buy-ins as low as INR 1,100 and from the comfort of your home, what are you waiting for? Visit Natural8 India today and sign up for the table right here, and get a chance to compete against other poker enthusiasts and earn glory by becoming an APT Trophy winner!

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