Sequoia Makes a Big Bet on Web3, Leading $450 Million Investment in Polygon Blockchain

Over the years, the Ethereum blockchain has become congested as more and more users have piled in, resulting in slower transaction times and higher processing fees. This has led to the creation of so-called"Layer 2" network like Polygon, which aim to take a load off the main blockchain.power-intensive crypto mining

Polygon co-founder Sandeep Nailwal says he sees the company becoming a decentralized version of Amazon Web Services, the e-commerce giant's cloud computing arm. Polygon's grander ambitions form part of a movement in the crypto world known as"Web3."Web3 is a hazy concept in tech that refers to efforts to build a more decentralized version of the internet based on blockchain technology.in Silicon Valley.

So far, Sequoia has stayed relatively quiet about its interest in crypto, while Andreessen has its own dedicated fund for investing in the sector. Now, Sequoia is becoming more vocal. It echoes a similar deal involving Solana Labs, the start-up behind Ethereum-rival Solana, which raised $314 million in a private token sale backed by Andreessen Horowitz.

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