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Sequoia Capital India Leads $450 Million Round for Polygon With SoftBank, Galaxy, Tiger, Republic Capital
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.”
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The Advertising Standards Council of India (ASCI) has signed a Memorandum of Understanding (MoU) with the Federation of Indian Fantasy Sports (FIFS), the All India Gaming Federation (AIGF) and the E-Gaming Federation (EGF).
The MoU between ASCI and the online gaming industry federations establishes a framework to address these challenges through a special monitoring cell that will focus on screening and reporting offshore betting and gambling advertisements to the concerned ministries. The cell will also screen and process real-money gaming advertisements that are found to be in potential violation of the ASCI Code. The partnership aims to surface illegal ads and also strengthen compliance of the RMG industry.
Since the kickoff of the MoU in January 2025, ASCI has flagged 413 ads of offshore betting to the Ministry of Information and Broadcasting and processed 12 advertisements for potential violation of ASCI’s RMG guidelines. Previously, ASCI flagged off 1336 ads in the period April 2023–March 24, to the Ministry of I&B. Based on this, the Ministry has taken action to block such ads and platforms. During the same period, 492 cases pertaining to Real Money Gaming were also taken up by ASCI.
Indian state laws prohibit gambling and offshore betting activities; making advertisements for these activities, illegal in these states. However, online real-money games (RMG) that require a predominance of skill, are permitted by most state laws, and their advertising is therefore allowed. Some offshore betting and gambling operators attempt to portray themselves as legally permitted gaming companies, necessitating the need to identify such advertisements and escalate the same to regulators. For the real-money gaming sector, ASCI’s guidelines for “Advertising of Online Gaming for Real Money Winnings” needs advertisements to ensure that the content of such ads remains responsible and does not depict minors or represents winnings as a means of livelihood. In addition, these ads are required to carry disclaimers to inform consumers of the risks associated with such games.
Manisha Kapoor, CEO and Secretary General of ASCI, said: “Indian consumers are exposed to numerous ads of offshore betting and gambling companies that have no accountability in India. Several Indian celebrities too have been a part of such advertisements. Since gambling ads are prohibited in most parts of the country, their large-scale presence is a breach of the law. ASCI would like to surface such advertising to the regulators for necessary action. It is also key that the gaming industry, whose advertising is permissible in India, remains compliant with the ASCI Code. We welcome the proactive initiative of the gaming associations of working with the self-regulator to create a special monitoring cell for the industry.”
Neil Castelino, CEO of Federation of Indian Fantasy Sports, said: “Members of FIFS have demonstrated their commitment and compliance to responsible advertising through implementation of the ASCI guidelines and FIFS Charter. We are further committed to adopting the global best standards in responsible advertising, and through this collaboration, we hope that Indian consumers are not exposed to illegal platforms in the guise of online gaming while promoting responsible advertising practices amongst the Indian RMG industry.”
Anuraag Saxena, CEO of E-Gaming Federation, said: “Indian citizens have been duped and scammed by unscrupulous operators for years. The nation suffers, so do consumers, so does the domestic industry. Which is why we at EGF have been pioneering responsible gaming, and mandatory audits of our gaming companies. The monitoring cell of ASCI will only turbo-boost our efforts. Together, we will uphold high ethical standards and create a safer, more trusted gaming landscape for all.”
Roland Landers, CEO of All India Gaming Federations, said: “As the oldest and largest industry federation, AIGF has been at the forefront of advocating for responsible gaming practices and addressing the menace of offshore and illegal betting and gambling. We remain steadfast in our mission to ensure a robust, transparent, and responsible gaming environment in India. By collaborating with ASCI and fellow industry federations, we aim to tackle the growing challenge of offshore gambling ads and non-compliant advertising practices. This MoU marks a pivotal step towards protecting consumers, fostering ethical advertising, and elevating the credibility of India’s online gaming sector. Together, we are dedicated to shaping a fair and sustainable ecosystem for all stakeholders.”
The post ASCI Signs MoU with FIFS, AIGF and EGF appeared first on European Gaming Industry News.
Partnership to drive EWC’s expansion in China, leveraging Tencent E-sports’ networks and expertise to connect Chinese esports with EWC’s global ecosystem
The Esports World Cup Foundation (EWCF) announced a partnership with Tencent, making Tencent E-sports the EWCF’s strategic partner in China to drive the expansion of the Esports World Cup’s presence in the region. This partnership marks a significant milestone in the EWCF’s purpose to unite global esports fans under one competitive umbrella and underscores its commitment to integrating the world’s most important and rapidly growing esports market into the Esports World Cup platform. The agreement was formalized at the Empower Esports Worldwide Series – The Esports Operation and Technology Session in Shenzhen, China.
The collaboration will establish a dedicated Development Team to enhance EWC’s visibility, engagement, and industry collaboration in China, while leveraging EWC’s and Tencent E-sports’ networks and expertise to connect Chinese esports with EWC’s global ecosystem. Tencent E-sports will provide marketing expertise, strategic consulting, and operational support to deliver diverse content and experiences.
“The Esports World Cup has created a global stage for competitive gaming, demonstrating its influence not only in China but across the world,” said Mars Hou, Vice President of Tencent Games and General Manager of Tencent E-sports. “Through this partnership, we are committed to elevating EWC’s presence in China and integrating our esports industry with the world’s largest competitive gaming event. We look forward to deepening our collaboration with EWCF to push esports forward on a global scale.”
“The Esports World Cup’s purpose is to create a global platform for esports and gaming fans worldwide, and investing in key growth markets for esports is a core pillar of our mission,” said Thamer Al Shuaibi, Chief of Staff at the Esports World Cup Foundation. “China plays a critical role in this vision, and Tencent’s leadership in gaming and esports positions it as an essential partner. By combining our expertise, we will continue to strengthen esports as an industry, providing new opportunities for Chinese players and Clubs, and bringing the best of the Esports World Cup to Chinese fans.”
Esports World Cup 2025 will once again unite gaming and esports communities in Riyadh, Saudi Arabia, for a global competition that will crown the next Esports World Cup Champion. The tournament’s unique cross-game format will reward Clubs and players competing for a life-changing prize pool in a mix of platforms and genres, bringing together esports’ best players, Clubs and games under one banner in the largest-ever celebration of esports.
The post Esports World Cup Foundation Announces Strategic Partnership with Tencent appeared first on European Gaming Industry News.
Angel Group has successfully completed the implementation of its Smart Table System on all baccarat tables, over 1100 tables, in the mass market areas operated by Sands China Limited, one of the leading Integrated Resort (IR) companies in Macao.
With this latest deployment, approximately 2000 baccarat tables in Macao, Singapore, the Philippines and Australia are now operating with Angel’s Smart Table System.
The operation of Angel Smart Table “Hybrid” Solution utilises both Artificial Intelligence (AI) and Radio Frequency Identification (RFID) technology to capture each and every chip information including quantity, type and exact location on the table. This smart table technology revolutionises casino operations on their marketing strategies, game protection, operational efficiency as well as customer experience based on the real-time data analysis, supporting optimal game management.
The post Angel Group Completes Implementation of Smart Table Systems at Sands China Properties in Macao appeared first on European Gaming Industry News.
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