Reports from sources have revealed that Ethereum-based Polygon has collected around $450Milion in its latest privately hosted token sale event.

Following a recent private token sale led by many popular groups, Polygon has managed to accumulate $450Million in the bag. Sources have revealed that many of the players participating in the event, have apparently been provided with MATIC tokens from Polygon at a discounted rate, but upon asked, Polygon’s co-founder Sandeep Nailwal refused to share any more inside details. According to data from CoinMarketCap, the current value of MATIC sits at around $2.006 with an almost 17.5% increase in the past 24 hours, at the time of writing.

Lead Contributors and Fund Utilization

As for the participants, the token sale had more than forty contributors and was led by Sequoia Capital India. Other contributors included many popular firms such as, Galaxy Digital, SoftBank Vision Fund 2, Tiger Global, Alan Howard.

As for the funds collected, Sandeep Nailwal did share that Polygon is planning to utilize around $100Million in its fund involving its overall ecosystem, with nearly $10Million expected to be distributed among several of its projects on a yearly basis, that include Hermez, Zero and Nightfall. Adding to that, the funds will also be utilized to boost the performance of the company’s efforts in improving scalability for Ethereum, giving way for newer Ethereum traders to join the market. Sandeep also stated that this move guarantees the company nearly five years of time of a stable pathway.

Development History

Since its release, back in the year of 2017, Polygon has evolved into a completely unique and different beast altogether. The company recently announced its massive billion-dollar investment into ZK-Rollups, that would contribute towards better scalability. Moreover, more than 7000 dApps are currently being developed on Polygon with many popular partners that include, OpenSea, Aave, Dolce Gabbana and a few others that have been contributing towards the company’s NFT goals.

Risky Network

Despite being a very popular option for many investors, Polygon faced a very scary experience. Back in December of last year, a critical bug in the network, which nearly put every single one of Polygon’s tokens at risk was quickly taken care of, however exploiters still managed to steal more than $2Million worth of tokens. Polygon rewarded the Whitehat hackers with more than $3Million dollars for their efforts to locate the bug.

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