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

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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.

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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.

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“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.”

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SEGA SAMMY CREATION Launches “Prosperity Peaks™” in Macau

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SEGA SAMMY CREATION INC. proudly announces the first installation of Prosperity Peaks™, the latest addition to their successful Dice series, now live on casino floors in Macau. Building on the proven success of its earlier Dice games, this new title continues the legacy with powerful features and a design tailored for Asian players.

The Asian themed Prosperity Peaks™ retains the fan-favorite Dice Wild and Wild Reels features that have defined the series, while introducing an enhanced Jackpot Bonus that delivers more frequent and rewarding win opportunities. Players will experience the thrill of hitting Jackpots more often, adding extra excitement to every spin.

The company stated today that “The Prosperity Peaks™ Link game is designed uniquely for Asia and it’s highly anticipated when we first showcased in recent gaming shows. We deliberately brings all the elements fun and excitement to promote better entertainment on the gaming floor altogether.”

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The initial launch in Macau is just the beginning. Prosperity Peaks™ will also be coming soon to additional properties throughout Macau and extended to other key markets.

The post SEGA SAMMY CREATION Launches “Prosperity Peaks™” in Macau appeared first on European Gaming Industry News.

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12BET Goes Crypto with Big Rewards

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As cryptocurrency adoption surges worldwide—driven by landmark legislation and growing investor confidence—12BET, continues to lead in embracing digital innovation. Recent U.S. Congressional moves to pass crypto-focused legislation, alongside India’s evolving regulatory stance, mark a global shift towards mainstream acceptance of digital assets.

12BET, a pioneering name in the igaming world since 2007, invites crypto users to experience fast, secure and flexible transactions through its wide range of supported cryptocurrencies. Players can choose from the widely used USD-pegged stablecoin USDT (Tether), Bitcoin (BTC), Ethereum (ETH) and the community-favourite Dogecoin (DOGE). These crypto-friendly payment options ensure seamless access to 12BET’s full entertainment portfolio—meeting the expectations of a new generation of tech-forward players.

“As cryptocurrency continues to reshape how people handle money, we’re proud to give our players modern payment options that reflect our values of fairness and transparency. We’re building a platform that moves in step with global innovation and player-first features,” said Rory Anderson, spokesperson for 12BET.

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To celebrate this growing momentum, 12BET is offering all eligible users a spin on their Lucky Wheel, with prizes including an iPhone 16 Pro Max, a 2.5g 999 gold bar and a DJI Osmo Pocket 3—available for a limited time.

This move comes amid growing global crypto adoption, with recent legislative efforts like the GENIUS Act and CLARITY Act in the US, and increased regulatory clarity in markets like India. As the global crypto market surpasses $4 trillion, 12BET is doubling down on its mission to deliver a future-ready, player-first gaming experience.

The post 12BET Goes Crypto with Big Rewards appeared first on European Gaming Industry News.

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Enforcement Directorate of India Issues Fresh Summons to Meta, Google in Online Betting Probe

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Executives of tech giants Meta and Google did not depose before the Enforcement Directorate of India (ED) on Monday and have now been given fresh summons for July 28 in a money laundering case linked to promotion of illegal online betting and gambling platforms.

The representatives of the two companies sought deferment of the July 21 summons, saying they need time to collect relevant information and documents before they present themselves for questioning and recording of their statements at the federal probe agency.

The executives have been given a one-week extension and asked to depose on July 28. Once they depose, their statements will be recorded under the Prevention of Money Laundering Act (PMLA).

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A Google spokesperson said that the company was “committed to keeping our platforms safe and secure, prohibiting the promotion of illegal gambling ads.”

“We are extending our full support and cooperation to investigating agencies to hold bad actors responsible and keep users safe,” the spokesperson said.

There was no response from Meta.

The federal agency is probing several platforms allegedly hosting illegal betting and gambling links, including instances of advertisements placed for them on various social media outlets and app stores.

The tech giants are understood to have been called by the ED to know how such illegal platforms can place ads on their portals.

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Some actors, celebrities and sports persons are also under the scanner of the agency in these cases, and are expected to depose.

The ED has claimed illegal online betting and gambling platforms cheated people of their hard-earned money, and also laundered and evaded paying taxes of up to several crores of rupees.

Google said its “continuous AI advancements, complemented by human expertise, ensure all ads on our surfaces comply with local laws and our strict ad policies, and protect users from evolving threats.”

“Last year alone, we removed 247.4 million ads and suspended 2.9 million advertiser accounts in India,” the firm said.

The ED is investigating more than a dozen cases linked to illegal gambling and betting platforms across the country, including the Mahadev Online Book (MOB) app, whose main promoters hail from Chhattisgarh.

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The post Enforcement Directorate of India Issues Fresh Summons to Meta, Google in Online Betting Probe appeared first on European Gaming Industry News.

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