(TechCrunch) Investors led by Sequoia Capital India and Steadview Capital are reportedly holding talks to back the Polygon network by purchasing tokens worth $50 million to $150 million.
The purchase, involving Polygon’s native token MATIC, will be bought at about a 20% discount average price in the last one month.
The investment underlies investors’ improved outlook on Indian-based Polygon which has struggled to earn investor backing. The network received backing from investor Mark Cuban earlier in the year.
Polygon has supported some of the leading blue-chip projects such as Aave, Curve Finance, and Sushi Swap and attracted numerous decentralized apps as it overcomes costly gas fees on the Ethereum network.
MATIC processes over 7.5 million transactions daily, and its market cap has grown to over $14 billion, making it an established layer-2 blockchain solution.
MATICUSD is currently down -10.71%.
