- 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
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.