- Sequoia Capital India and Steadview Capital are looking to invest in “Layer 2” product
As per the reports, provided by TechCrunch earlier, a group of Venture Capital (VC) investors are in talks to make an investment of $50-$150 Million in Ethereum scaler Polygon.
As per the report, Sequoia Capital India and Steadview Capital will make this investment by buying the native tokens of Polygon network, Polygon MATIC tokens.
Polygon is a “Layer 2” product that works on top of the primary blockchains, so that it can increase the speed of the transactions. All the problems of scalability associated with the Ethereum network that has suffered due to high fees and congestion will be solved by this product.
If the planned investment happens successfully, it would show a sign of confidence in Indian-based Polygon by the South Asian market of venture capital.
In the past, there has been an instance where investors have backed down from their investment and asked their money back, after the market took a downturn.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
Photo by – 33cryptonews