Million-Dollar Offer to Polygon: Sandeep Nailwal Reveals Unsuccessful Proposal from 2018
In 2018, when the crypto market was still finding its footing, Sandeep Nailwal, the founder of Polygon (then known as Matic Network), received an offer of $3 million for his business. However, Nailwal and his team decided to turn down the offer, citing concerns about "easy money" often coming with invisible chains[1].
During this period, the crypto market was in the midst of the 2018 Crypto Winter, and Polygon was struggling to attract venture capital and market confidence. Despite the initial challenges, Nailwal and his team persisted, and in 2020, they rebranded Matic Network to Polygon[2].
The decision to reject the $3 million offer seemed difficult at the time, but it has proven to be a wise choice. In 2020, Polygon secured $500 million in funding, transformed from Ethereum's L2 into a global DeFi Hub, and changed the way Ethereum scaled and onboarded thousands of mainstream dApps[1].
Today, Polygon processes over $250 million in monthly payments for Latin America's digital transfer systems and is currently the go-to blockchain for small payments, handling one out of three small on-chain payments[2]. The long-term impact of rejecting the $3 million offer has been highly positive, positioning Polygon as a leader in decentralized finance (DeFi) and a major player in the DeFi infrastructure[1].
Despite some speculation that the "check was ready" and Nailwal only needed to seal the deal, the Polygon team's commitment to maintaining the project's independence and vision has paid off in the long run[1]. The story of Polygon's journey serves as a reminder of the importance of maintaining control and long-term vision over short-term financial gain.
[1] Source: Cointelegraph [2] Source: Decrypt
- Sandeep Nailwal and his team's decision to reject a $3 million offer in 2018 allowed Polygon to secure $500 million in funding in 2020.
- Today, Polygon is a global DeFi Hub, transforming from Ethereum's L2, and is a major player in the DeFi infrastructure.
- Polygon processes over $250 million in monthly payments for Latin America's digital transfer systems, making it the go-to blockchain for small payments.
- In 2020, Polygon changed the way Ethereum scaled and onboarded thousands of mainstream dApps.
- The long-term impact of the Polygon team's commitment to maintaining their project's independence and vision has been highly positive, positioning Polygon as a leader in decentralized finance (DeFi).
