• 26 May, 2024
News

Sandeep Nailwal Debunks Claims That Polygon has Received Over $130M

Mert Mumtaz, the founder of Helius Labs, said in a tweet that Polygon has gotten more than 130 million dollars in investment than Solana. He went on to say that the platform will utilize the money to pay customers to use the chain as well as purchase other businesses.

The assertions have been refuted by Sandeep Nailwal, the founder of Polygon, who said that the company originates from a more modest background. He said:

“Polygon comes from a humble background, even thinking of paying $20mn for one project scares us. Tho, I wish we had this much surplus.”

Nailwal continued by saying that he believes that the origin of these stories is due to the fact that builders “play it smart,” in which they inform all ecosystems that another environment is paying them millions of dollars and demand that they pay them or the builder will leave.

He added that this does not imply that Polygon is closed to the possibility of entering into strategic partnerships; but, the company is not so naive as to throw away millions of dollars for nothing. The fact of the matter is that any company would prefer to build on Ethereum rather than on L1s that are only partially developed. Polygon is only a portal via which they may access Ethereum.

In related developments, in order to bring a web3 music platform known as LGND into existence, Polygon has formed a partnership with Warner Music Group. The business behind the platform has said that it would allow music NFTs from other platforms in addition to providing desktop and mobile applications for engaging with networked financial tokens (NFTs), which will provide Web3 users an experience similar to that of iTunes.

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