Ethereum-based blockchain scaling service provider Polygon has raised $450 million in a funding round led by Sequoia Capital India, Tiger Global Management and SoftBank with participation from more than 40 major venture capital firms including Galaxy Digital, Galaxy Interactive and Republic Capital, the company said on Monday.

Polygon, which offers an Ethereum infrastructure platform, said it plans to use the funds to consolidate its lead position and pave the way for mass adoption of Web3 applications. The company raised the funds through a private sale of Polygon’s native MATIC token, it said.