Polygon Labs in Talks to Raise $100 Million for Payment Business

According to informed sources, blockchain developer Polygon Labs is in early discussions with investors to raise up to $100 million to build a new stablecoin payment business. Polygon serves as the underlying blockchain for the prediction market Polymarket and other crypto platforms. This fundraising effort comes at a time when the cryptocurrency market is sluggish, and for Polygon, expanding into new business areas will help it break free from the stagnation of the cryptocurrency market and achieve business diversification.