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Sequoia Capital India Leads $450 Million Round for Polygon With SoftBank, Galaxy, Tiger, Republic Capital
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.”
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Hub88 adds Solidicon’s visually striking portfolio to aggregation platform
‘World-first’ racing crash game Quackinator among high-performing titles made available
Hub88 has partnered with Solidicon, the Swedish game studio famed for creating bold, artistic casino experiences that bring a fresh wave of excitement to players.
Founded in 2006 by ‘a collective of nerds and dreamers’, Solidicon has earned a reputation for crafting games that combine technical precision with playful creativity.
The developer’s portfolio, now available via Hub88’s seamless API, includes standout titles such as Navigator, Supershoot Crash and the world’s first-ever racing crash game Quackinator.
This collaboration strengthens Hub88’s catalogue of content, reinforcing its commitment to delivering in-demand, novel and creatively distinctive experiences to audiences worldwide.
Jess Inglott, Head of Supplier Relations at Hub88, said: “Solidicon’s games bring a bold, unforgettable touch to the casino experience.
“Adding their titles to our platform allows operators to offer visually striking, memorable content that stands out in a crowded market.”
Robert Ackerman, CEO of Solidicon, said: “Partnering with Hub88 provides a practical way to broaden distribution of our games and simplify access for operators.
“Their platform is well regarded for its stability and ease of use, which makes this partnership a strong fit for us.”
The post Hub88 adds Solidicon’s visually striking portfolio to aggregation platform appeared first on Gaming and Gambling Industry Newsroom.
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Greentube expands Latin American footprint with Brazino777 partnership
Greentube, the NOVOMATIC Digital Gaming and Entertainment division, has strengthened its presence in Latin America after partnering with Brazino777, an online casino and sports betting brand known for its player-first experience and fast withdrawals, to roll out a selection of its top-performing titles to the Brazilian market.
Following the agreement, Greentube’s platform is now live with Brazino777 in Brazil, marking an important milestone in the supplier’s regional growth strategy and reinforcing its commitment to delivering market-relevant content in newly regulated jurisdictions.
As part of the collaboration, Brazino777 players can enjoy some of Greentube’s most popular new releases, including Piggy Prizes:Wand of Riches 2, Trinity Treasures Wukong Buy Bonus, and Caichen Triple Blossom.
Alongside these titles, a curated selection of Greentube’s iconic classic games have also been integrated, including Book of Ra deluxe, Diamond Link: Mighty Sevens, and Cash Connection – Golden Sizzling Hot.
These games were selected for their proven performance in regulated markets and their strong appeal to Brazilian players, making them an ideal fit for Brazino777’s growing casino offering.
Now, with Brazil’s regulated online gaming landscape offering fresh opportunities, the collaboration is well positioned to reach new heights as the region continues to thrive.
Greentube’s latest Brazilian partnership further reinforces its strategic focus on Latin America as a key growth market. With a diverse portfolio of innovative slots and well-established fan favourites, the company continues to strengthen its position as a leading supplier worldwide.
Wilson Francisco, Sales and Key Account Manage at Greentube, said: “Our launch with Brazino777 is a major step forward for our strategy in Brazil. Their deep understanding of the local audience, paired with Greentube’s commitment to delivering top-performing, culturally relevant content, is a powerful combination.
“We’re confident that this partnership will elevate the player experience and help set new standards in the market.”
Andre Medeiros, Country Manager for Brazil at Brazino777, said: “Greentube’s portfolio is recognised globally for its quality, performance and player appeal. As a brand rooted in Brazilian culture, Brazino777’s focus is simple: a fun, smooth experience our community can enjoy every day.
“Partnering with Greentube reinforces that promise by expanding the entertainment options available to our players in Brazil.”
The post Greentube expands Latin American footprint with Brazino777 partnership appeared first on Gaming and Gambling Industry Newsroom.
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Yggdrasil strengthens YGG Masters roster with Nordic game provider Lakka Studios
Yggdrasil has expanded its standout YGG Masters program with the addition of Nordic independent game studio Lakka Studios, introducing fresh concepts to its premium global content portfolio.
As the 20th studio to join the YGG Masters family, Lakka Studios aligns with Yggdrasil’s vision of elevating the iGaming landscape through innovative, high-quality content from the industry’s most exciting creators.
Steeped in Nordic spirit, Lakka Studios introduces a refreshing blend of clever mechanics, polished visuals, and player-first design. Its approach to light-hearted and engaging gameplay adds a new dimension to the YGG Masters catalogue, enhancing the variety of games available to Yggdrasil’s operator partners and players worldwide.
Lakka Studios will be another early adopter of Yggdrasil’s cutting-edge Game in a Box platform, created to streamline the end-to-end development process, as well as offering a ready-made path to market through its distribution network.
Zoe Bird, Head of Masters at Yggdrasil, at Yggdrasil, said: “We are thrilled to welcome Lakka Studios as the 20th studio to join our Masters community.
“The studio brings a familiar Nordic identity that complements the broad range of studios within our network. We have every confidence that Lakka Studios will quickly build a devoted following across our global operator partners.”
A spokesperson for Lakka Studios added: “Joining the YGG Masters program marks an exciting step in our journey, and we’re incredibly proud to collaborate with a partner that shares our passion for quality and innovation.
“Yggdrasil’s support and technology provide the ideal foundation for us to bring our creative vision to life.”
The post Yggdrasil strengthens YGG Masters roster with Nordic game provider Lakka Studios appeared first on Gaming and Gambling Industry Newsroom.
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