Polygon Technology

Based in Bangalore, India, and founded in 2017 by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, Polygon Technology, a. k. a Polygon, and formerly known as Matic Network, operates as a developer of a blockchain framework to manage digital securities on the blockchain. The company has more than 130 million users and approximately 3 million daily transactions.

In April 2019, Polygon Technology raised USD 0. 45 million in Seed funding from Coinbase Ventures and ZBS Partners, valuing the company at USD 0. 90 million post-money. Additionally, in February 2022, Polygon raised USD 450 million in Seed funding led by Sequoia Capital, with participation from Tiger Global, Galaxy Digital, Republic Capital, Makers Fund, Dune Ventures, Steadview Capital, Elevation Capital, and Dragonfly Capital among others.

This latest Seed round values Polygon Technology at USD 13 billion post-money. Polygon Technology offers an open-source framework, Polygon, that facilitates the scaling, and connection of Ethereum-based blockchain networks. The firm provides a wallet, that allows the user to send and receive cryptocurrencies across the Polygon platform, and offers Polygon Bridge, a provision for depositing and withdrawing crypto assets between various networks. Additionally, Polygon provides an ERC-20 token, MATIC, which can be used to pay fees for the transactions taking place across over 400 Dapps, running on the company’s protocol, and the user can earn rewards by stalking MATIC tokens.

Other company solutions include Polygon Polygon Proof-of-Stake (PoS), an EVM-enabled sidechain; Polygon Hermez, an open-source ZK rollup; Polygon Nightfall, a privacy-focused rollup, and Polygon ID, a blockchain-native identity system. The firm hopes that in the future, Polygon Avail will deliver a general-purpose, scalable data availability solution along with ZK solutions that will help resolve the network congestion and tackle applications around privacy.