The Polygon ecosystem is teeming with a lot of activities. Originally marketed as Ethereum’s scaling solution, or the so-called Layer 2 blockchain, has rapidly evolved to become what co-founder Mihailo Bjelic claims, a “one-stop-shop for anything that a developer would need to spin up a node or application.”
Last year its $250 million acquisition with the ZK rollup Hermez network was merged as Polygon Hermez, which has boosted its privacy-enhancing functionality by hiding transacting addresses and amounts from prying eyes.
Polygon also pledged $100 Million to bootstrap growth. Just a couple of months after its February launch, Paper, a crypto-focused payments processing firm has closed a $7.3 million seed round after a $2 million angel investment, for a total of $9.3 million in fresh capital, James Sun, co-founder and CEO of the firm said.
The round was co-led by Electric Capital and Initialized Capital with participation from Polygon, FalconX, and Long Journey Ventures among others.
“Paper enables users to create wallets through their email addresses and purchase NFTs with credit cards [or crypto wallets] across the MATIC blockchain to provide non-crypto consumers a “frictionless” bridge for entry into the marketplace,” the announcement read.
Meta Chooses Polygon Blockchain to fuel its Web 3 Ambitions
Another significant development was when Meta announced that they will use the blockchain to expand their reach into the Web3 space.
Ryan Wyatt, CEO of Polygon, tweeted, “We’re excited to share that Meta is partnering with 0xPolygon as they push into web3. Facebook is choosing it due to our carbon neutral footprint, the scale we can offer, and the developer ecosystem choosing to build on the blockchain.”
Last month, the layer-2 protocol unveiled a new plan, “The Green Manifesto,” to transform into a more sustainable era and aims to be ultimately carbon negative by the end of 2022.
It has allocated a $20 million fund to help realize its goal. As per the team behind the project, the fund will be directed at community initiatives and projects that use technology to combat climate change.
Wyatt who is also the former Head of Gaming on YouTube declared, “The most reputable companies in the world are choosing Polygon after due diligence.”