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Sequoia Capital India Leads $450 Million Round for Polygon With SoftBank, Galaxy, Tiger, Republic Capital

Published

4 years ago

February 8, 2022

Reading Time: 3 minutes

The backing from leading global institutions is a vote of confidence in Polygon’s position as Ethereum’s leading scaling solution and the team’s vision for Web3.

Polygon raised about $450 million in a funding round led by Sequoia Capital India with participation from more than 40 major venture capital firms including SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital and prominent investors like Alan Howard (co-founder, Brevan Howard) and Kevin O’Leary (Mr. Wonderful from ABC’s Shark Tank).

Polygon’s first major financing round since the project’s founding in 2017 has also attracted contributions from Alameda Research, Transcend Fund, Makers Fund, Animoca Brands, global video game leader and games industry investor Scopely, dune ventures, Union Square Ventures, Alexis Ohanian’s Seven Seven Six, Elevation Capital, Sino Global Capital, DCG, Standard Crypto, Celsius, Dragonfly Capital, Variant Fund, Blue Pool Capital, WorkPlay Ventures (led by Zynga founder Mark Pincus), and many more. The funds will be raised through a private sale of Polygon’s native MATIC token.

This will allow the team to consolidate its lead in the race to scale Ethereum, obviating the need for alternative blockchains and paving the way for mass adoption of Web3 applications. Polygon is building a suite of scaling solutions, including Polygon PoS, Polygon Edge and Polygon Avail, that is similar to what Amazon Web Services offers Web2 developers — a tool for every possible use case. The team is also investing in cutting-edge zero knowledge (ZK) technology that will be key to onboarding the next billion users to Ethereum.

Polygon has always been a community-first project and owes its success to the ecosystem of early believers, developers and stakeholders. This investment round is the tide that lifts all boats and exemplifies the role the community plays in making Web3 a reality.

“Web3 builds on the early Internet’s open-source ideals, enabling users to create the value, control the network and reap the rewards. Ethereum, scaled by Polygon, will be the bedrock of this next stage in the Web’s evolution,” said Polygon co-founder Sandeep Nailwal. “Technological disruption didn’t start with Web2, nor is it going to end there. That’s why we are very excited to see some of the same firms that funded the previous round of innovation now being our Web3 vision.”

The most pressing question for the Ethereum community has been how to increase the network’s capacity to handle more transactions. The skyrocketing popularity of new applications in decentralized finance (DeFi) and non-fungible tokens (NFTs) brought with it congestion and soaring fees. Polygon has stepped in with a broad range of scaling options and transaction rates that are among the industry’s lowest.

Over the past year, Polygon has attracted some of the biggest projects in Web3, from DeFi protocols such as lending platform Aave to luxury brands company Dolce & Gabbana and NFT marketplaces including OpenSea and Mark Cuban’s Lazy.com. Virtual worlds such as Decentraland and Animoca Brands’ The Sandbox are also laying the groundwork for the metaverse on the network. More than 7,000 decentralized apps (dApps) are currently building on Polygon, making it the main destination for Web3 platforms and developers.

“The platform of choice to build on the blockchain today is Polygon. Thousands of developers across a range of applications are choosing Polygon and their complete set of scaling solutions for the Ethereum ecosystem,” said Shailesh Lakhani, MD at Sequoia India. “This is an ambitious and aggressive team, one that values innovation at its core. Sequoia Capital India is thrilled to lead this significant financing round.”

Polygon PoS adoption has soared exponentially, with a billion transactions recorded last year. The network’s more than 130 million unique addresses and over 2.67 million monthly active users now generate some 3 million transactions per day, more than double the volume of Ethereum. Polygon’s native MATIC token has a market capitalization of over $12 billion.

To make sure the growth can continue into the foreseeable future, Polygon is making major investments into zero knowledge cryptography, a technology widely seen as the end game for blockchain scaling. The core development team made it a centerpiece of its strategic vision in the Zero Knowledge Thesis published in August. As part of that mission, the team has committed $1 billion, a significant portion of the treasury, to ZK-related efforts.

Polygon is now home to an unrivaled collection of ZK efforts. The portfolio includes a zkEVM being developed by Polygon Hermez, privacy-focused Polygon Nightfall rollup built in collaboration with EY, Polygon Miden’s general purpose STARK-based rollup and Polygon Zero team applying a technique called recursion to ZK proofs.

“Adoption by individual users and enterprises, the emergence of real-world applications like DeFi and NFTs, and broader involvement from the institutional community are all strong indicators that Web3 has passed a major installation milestone and is here to stay,” Galaxy Digital CEO Mike Novogratz said. “Together, Polygon and Ethereum are building the base layer for a new Internet, which is why we’re excited to play a role in this important fundraise.”

Alberta

Greentube goes live in Alberta as province opens regulated iGaming

Published

36 minutes ago

July 20, 2026

Wladimir P.

greentube-goes-live-in-alberta-as-province-opens-regulated-igaming

Supplier secures AGLC registration and extends its Canadian footprint beyond Ontario, where it has been live since 2022.

Greentube has gone live in Alberta on the day the province opened as a newly regulated iGaming market, marking the supplier’s first launch in the jurisdiction.

The NOVOMATIC Digital Gaming and Entertainment division said it completed regulatory and technical due diligence and secured registration with the Alberta Gaming, Liquor and Cannabis (AGLC) commission to operate in the province. Alberta becomes only the second Canadian province to regulate iGaming after Ontario, with the new framework replacing the monopoly previously held by Play Alberta.

The Alberta launch builds on Greentube’s existing Canadian footprint. The company has been live in Ontario since 2022 and described the Alberta debut as part of its wider North American expansion strategy.

Greentube said Alberta players will initially have access to a curated set of titles including Piggy Prizes Wand of Riches 2, Rumble Riches Haulin’ Gold and Firecracker Frenzy Money Toad, as well as Silver Lux Big Win Spinner, Starlight Jackpots Captain’s Catch and Charming Lady’s Boom.

David Bolas, Commercial Director at Greentube, said: “Going live in Alberta on the day the market opens is an important step for Greentube and reflects the strong momentum we are seeing in Canada.

“We welcome the opportunity a new jurisdiction offers and look forward to working with locally licensed operators to introduce our established offering to players in Alberta. With a balanced line-up of new releases and proven performers, we are well placed to offer a compelling experience in the province and support our long-term ambitions in the region.”

The post Greentube goes live in Alberta as province opens regulated iGaming appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

hold and respin

Spinomenal releases new slot 3 Fuego Chillies

Published

36 minutes ago

July 20, 2026

Wladimir P.

spinomenal-releases-new-slot-3-fuego-chillies

Spinomenal has released 3 Fuego Chillies, a new 5×3 video slot themed around a Mexican street fiesta. The game ships with a feature-led Bonus Game and a top prize billed as a Grand Jackpot of x3,000 the total bet.

The Wild is a mariachi in a sombrero and substitutes for all symbols except the Bonus, BOOST, COLLECT, MULTI and Jackpot symbols. Spinomenal said five Wilds on a payline return x10 the bet, with four paying x2 and three paying x0.5, while three- and four-Wild combinations only pay when followed by a Bonus or Special Bonus symbol.

Six or more Bonus and Special Bonus symbols trigger the Bonus Game. Triggering symbols lock in place and the feature starts with three bonus spins; only Bonus and Special Bonus symbols can land, carrying prizes from x1 to x10 the total bet, and each new symbol resets the spin counter back to three.

During the feature, BOOST assigns a random value (x2, x3, x4, x5, x7 or x10) and adds it to every symbol on the reels, while MULTI applies a x2, x3 or x5 multiplier to all symbols before taking a value based on the chosen multiplier. COLLECT then totals the values of all Bonus symbols into a single prize, and a MYSTERY symbol can transform into a BOOST, MULTI, COLLECT or Jackpot symbol.

Jackpot symbols during the feature pay Mini (x20), Minor (x50) or Major (x150), while filling all 15 cells awards the Grand Jackpot of x3,000 the total bet. Spinomenal also said a Bonus Blast Feature can trigger at random in the base game to spread extra symbols toward the Bonus Game, and the title includes a Buy Feature for instant entry. Spinomenal CO-CEO, Omer Henya commented: “3 Fuego Chillies brings the fun of the fiesta straight to the reels. The three chilli features keep the Bonus Game sizzling and the x3,000 Grand Jackpot gives players plenty to celebrate. We think this one will go down a treat with slot fans everywhere.”

The post Spinomenal releases new slot 3 Fuego Chillies appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Andy Phillips Chief Business Development Officer at Sporting Risk

Sporting Risk launches SureSub player prop markets via Sportradar odds feed

Published

36 minutes ago

July 20, 2026

Wladimir P.

sporting-risk-launches-suresub-player-prop-markets-via-sportradar-odds-feed

The new Promotional Markets add substitution-enabled player props designed to transfer bets to replacement players during a match.

Sporting Risk has expanded its Promotional Markets suite with a new set of SureSub player prop markets, distributed via the Sportradar Unified Odds Feed.

The company said SureSub is designed to extend eligible player prop bets beyond substitutions by automatically transferring selections to the replacement player. Sporting Risk added that operators can customise the feature, including its branding and name, to fit their sportsbook UX.

Sporting Risk positioned the release as part of its wider Promotional Markets portfolio, which it said includes products such as 2Up and other enhanced settlement mechanics aimed at helping operators differentiate without relying on bonuses, free bets or price-led promotions.

Andy Phillips, Chief Business Development Officer at Sporting Risk, said: “Operators are constantly looking for new ways to stand out in increasingly competitive markets. Promotional Markets do exactly that. They give operators a differentiated betting experience that keeps customers engaged throughout the match, without relying on bonuses or free bet campaigns. SureSub is a natural addition to that portfolio. It’s a mechanic customers already understand, but we’ve expanded it across a much broader range of player prop markets. Combined with our distribution through Sportradar, operators can now roll out SureSub at a scale that simply hasn’t been possible before.”

Sporting Risk said the product can be delivered directly or through the Sportradar Unified Odds Feed, with deployment designed to work across existing sportsbook infrastructure and scale across multiple competitions and leagues.

The post Sporting Risk launches SureSub player prop markets via Sportradar odds feed appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.