Why have Sequoia, Tiger, SoftBank and more invested $450 million in the Indian startup’s cryptocurrency?
Bengaluru-based Polygon on Tuesday announced that it had raised $450 million in a funding round led by Sequoia Capital India with participation from SoftBank Vision Fund 2, Tiger Global and many other global venture funds and individual investors. These include Bitfinex, the crypto exchange famous for being robbed of $3.6 billion in 2016, and Unacademy, India’s second largest edtech startup.
To put that figure in context, Indian crypto startups in total raised a little more than $900 million over the past five years, according to estimates by Tracxn.
Polygon has over the course of the past couple of years become …
Akanksha is a former writer at The Morning Context, who covered the cryptocurrency industry and other new technology. Her main area of interest is exploring the vast intersection between businesses and culture in the internet age. Previously, she was an associate sub-editor at Moneycontrol, the online financial news publication owned by Network18.
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Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
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advait@mailtmc.com
Mumbai
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
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ashwin@mailtmc.com
Delhi