Asia
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.”
The Philippine Amusement and Gaming Corporation (PAGCOR) today said 10 Chinese nationals and 26 Filipinos have been arrested in two separate operations against illegal gaming operations and online scams in Laguna and Parañaque City since Tuesday.
The first operation in Biñan, Laguna on Tuesday, May 1, resulted in the arrest of 16 people who were running an illegal online raffle on Facebook. The raiders are from the Philippine National Police Anti-Cybercrime Group (PNP-ACG) and the PAGCOR security group.
The suspects, which run the FB Page Lucky Dream 4, were caught red-handed in their office located inside a subdivision while livestreaming their 50th raffle event.
Earlier today, May 2, another group of suspects that included 10 Chinese nationals were arrested by joint elements of the CIDG-NCR and PAGCOR inside a house in Multinational Village, Parañaque for violation of the Anti Trafficking in Persons Act (RA 9208), Alien Registration Act (RA 562) and Cybercrime Prevention Act (RA 10175).
PAGCOR Chairman and CEO Alejandro H. Tengco said the arrests are part of the state gaming agency’s intensified campaign against illegal online gambling and other illicit activities through strengthened collaboration with law enforcement agencies.
“We have been receiving reports of illegal online activities including those in social media platforms. As the country’s gaming regulator, it is our duty to protect the public – especially the youth — from these illegal online gambling sites,” he said.
PAGCOR Senior Vice President for Security Cluster Raul Villanueva said Lucky Dream 4, which has 111,000 followers on Facebook, was conducting live online raffles that offered second-hand modified motorcycles as prizes.
Villanueva said that in one raffle event, the group can sell an average of 40,000 to 50,000 tickets, with each ticket costing Php40.
“They have amassed over Php8 million from the time they started this illegal online operation because in one draw, they can sell as many as 50k tickets,” Villanueva said.
“Ang masaklap nito, karamihan sa miyembro ng grupong ito ay kabataan. Ang pinaka-matanda sa kanila ay 27 years old pa lang,” he said.
“The Lucky Dream 4 group is obviously engaged in an illegal online gaming activity. Negosyo na ang ginagawa nila. They need to secure a license from PAGCOR if they want to operate an online gaming platform,” Villanueva added.
In the Parañaque raid, Villanueva said authorities arrested seven male and three female Chinese nationals believed to have been part of a group that managed to escape from an earlier raid on a large gaming compound in Bamban, Tarlac last March.
Nine Filipino female workers were also rescued, while one 1 Filipino male serving as a bodyguard was arrested for possession of an undocumented .45 caliber pistol.
The raiders also confiscated around 75 mobile phones, 30 desktop computers, 50 laptops, assorted credit cards, two cars and one motorcycle along with assorted Chinese government documents.
Two vaults were also found in the house located at 18 Teheran Street inside the exclusive subdivision.
Police said the Chinese suspects were engaged in scamming activities such as love and cryptocurrency scams similar to the illegal activities in the Bamban, Tarlac compound which was raided last March.
The post 2 RAIDS NET 10 CHINESE, 26 PINOYS FOR ILLEGAL GAMES, ONLINE SCAMS appeared first on European Gaming Industry News.
TalkEsport, India’s leading esports media platform, announced today the successful closure of its pre-series A funding round, securing a significant investment of $1 million from Saswat Ventures. The substantial investment underscores TalkEsport’s robust growth trajectory and reaffirms its position as a pioneering force in the esports industry.
Founded in 2011, TalkEsport was set up with a vision to bring timely news and updates to gaming communities worldwide. As India’s oldest esports media platform, the company now caters to millions of gamers worldwide through its website and social media channels. TalkEsport plans to utilize the investment to scale up its core website while launching a highly interactive application for its audience and setting up a state-of-the-art production studio in Mumbai. Through it, the company will be launching exclusive content IPs focused on gaming and esports.
“We are delighted to welcome Saswat Ventures as our strategic partner,” exclaimed Deepak Ojha, Founder and CEO of TalkEsport. “Their belief in our vision and commitment to the esports ecosystem align seamlessly with our mission to redefine gaming experiences globally. With this investment, we will be scaling up our newsroom to cater to gaming communities worldwide while launching new content IPs targeted towards Indian and international audiences.”
Saswat Ventures, a family fund set up by Mr. BL Sharma, Principal, shares a vision of catapulting TalkEsport into a global phenomenon. Mr. Sharma has businesses across the country and expressed his confidence in TalkEsport’s potential to revolutionize esports media and connect with a vast audience of passionate gamers worldwide, “We believe in TalkEsport’s potential to become a global platform for esports enthusiasts worldwide.”
Trilochan Sharma, a seasoned expert in compliance matters, joins TalkEsport’s board as the Director of Compliance. His wealth of experience will ensure adherence to regulatory standards and bolster the company’s governance framework.
In addition to this pivotal investment, TalkEsport is proud to announce key developments that highlight its commitment to innovation and growth:
Production Studio in Mumbai
TalkEsport is excited to unveil its state-of-the-art production studio in Mumbai. This cutting-edge facility will serve as the epicenter for creating high-quality esports content, launching content IPs, live broadcasts, interviews, and immersive gaming experiences.
Pranav Nalawade, the Editor-in-chief of TalkEsport, said, “Our new era of esports coverage will begin not only with TalkEsport’s revolutionary approach in publishing news and covering esports events but also high-quality esports content courtesy of our new production studio. As one of the oldest esports media platforms, we have built an audience that relies on us for our history of trustworthy and reliable news. Now, we want to double up on this audience, reforming the way content around esports is consumed in India and abroad through podcasts, media, short-form content, and analytical stories – both in the form of video and text.”
Upcoming Mobile App Launch
Furthermore, TalkEsport is gearing up for the launch of its mobile application soon. This innovative app promises to redefine how gamers access news, engage with esports communities, and participate in live tournaments, all from the convenience of their mobile devices.
“Proceeds of the $1 million will be utilized in creating a robust team of gaming enthusiasts and expanding our global reach,” added Deepak. “This investment not only propels TalkEsport’s growth initiatives but also fuels our mission to provide unparalleled experiences for esports enthusiasts worldwide.”
Through its application, esports viewers will be able to get live coverage of esports tournaments, scores, and interviews. Additionally, they will be able to participate in community tournaments, thus providing an end-to-end immersive experience from the convenience of their mobile devices.
The media company continues to lead the charge in transforming the esports landscape, fostering community engagement, and pushing the boundaries of gaming innovation. The company’s dedication to excellence, coupled with strategic partnerships and visionary leadership, sets the stage for an exciting chapter in esports media.
The post Esports media platform TalkEsport raises $1 million in pre-series A funding round appeared first on European Gaming Industry News.
Award-winning iGaming supplier in regulated markets Delasport has just signed a sports deal with Philippines’s number 1 operator OKBET.
The leading software developer will provide sports-services to their new partner, enhancing the experience of sports bettors in the Philippines even further.
“We’re proud to supply our services to such a strong partner as OKBET, and to an exciting and steadily growing market as the Philippines”, Delasport’s CEO Oren Cohen Shwartz comments on the agreement.
Regulated Philippines is marking a stable 5% year-to-year growth with the number of users expected to reach almost 6 million by 2029.
This is yet another deal for Delasport, with the global supplier’s expansion in regulated markets happening at full force.
Same goes for OKBET who have been holding the number one operator spot in iGaming in the Philippines for a long time now.
“I’m excited that OKBET and Delasports are joining forces to redefine the landscape of online sports gaming in the Philippines”, OKBET’s COO Wayne Thong also comments on the deal. “This partnership combines OKBET’s local market expertise with Delasports’ global industry leadership, creating new opportunities for innovation and customer satisfaction. OKBET and Delasports share a common vision for the future: a vibrant and dynamic platform that caters to the diverse interests of sports enthusiasts. By combining cutting-edge technology with a deep understanding of user preferences, this collaboration aims to set new standards for the industry.”
The post Delasport Signs a Sports Deal with Philippines’ Leading Regulated Operator OKBET appeared first on European Gaming Industry News.
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