MATIC Adds 16% As Sequoia Capital Leds Fundraise For Polygon

MATIC adds 16% to its value amid the market-wide recovery and also because of the investment round led by Sequoia Capital that raised $450 million for Polygon so let’s read further in today’s latest altcoin news.

Venture capital firm Sequoia Capital led a financing round for Polygon and became the latest Silicon Valley company to invest in the Web3 space. According to reports, Polygon raised $450 million with Sequoia Capital leading the investment. Other companies involved in the fundraising include Alameda Research, Tiger Global, Softbank, Galaxy Digital but also individuals like Alexis Ohanian, Alan Howard, and Kevin O’Leary.

In the meantime, Polygon is looking to allocate $100 million to a dedicated ecosystem fund that aims to be used for supporting upcoming developments on the network while the rest of the capital will be geared towards the robust growth of the platform. The fundraising round came two weeks after Polygon hired Ryan Watt who was the head of Youtube Gaming, as the new CEO of the game studio called Polygon Studios.

The news about the new funding round also coincided with a surge in MATIC price. MATIC adds 16% to its value and almost reached $2 at the time of writing. Also, the entire crypto market is enjoying a green day with the asset prices being on the rise and Bitcoin leading the way by hitting $44,000 once again.

As recently reported, MATIC exploded 10% and it is among the best performers since yesterday with a double-digit increase while a few days after consecutive price drops, Bitcoin tested a new level and went on the offensive once again and neared $38,000 with most other altcoins being in the green like Binance coin which managed to recover followed by Avalanche, MATIC, DOGE, CRO, NEAR and others.

After surging above $41,000, BTC maintain momentum and remained above the level. The altcoins that marked major gains yesterday stalled for now but during the Sunday market watch, Axie Infinity became one of the few exceptions and made a huge double0digit surge. It was only a few days ago when the biggest cryptocurrency struggled to remain above $37,000 and dropped below this level multiple times. The bulls tried to push It north and resulting in trading around $38,000 on Friday.