M&A
Crypto startup Polygon buys Hermez for $250-M; firms to merge tokens
In the first-ever merger of crypto tokens, Mumbai-based Ethereum scaling project Polygon is to merge with Hermez, a Europe-headquartered zero-knowledge (ZK) cryptography-based scaling project, for 250 million Matic tokens (about USD 250 million). (ZK technology enables verifying data such as transactions and personal information or identification without handing over control of the information). The Indian crypto startup will now be operating under the new name, Polygon Hermez. Moreover, all components of the Hermez project- technology, live solutions, its team of 26, and HEZ token - will be integrated into the Polygon ecosystem. HEZ token holders will be able to swap their tokens for Polygon's native token Matic via the swapping contract that companies will announce soon. The swap ratio has been set at 3.5 Matic:1 HEZ. Moreover, the HEZ token will cease to exist after a specific date.
From the Venture Intelligence PE-VC Deal Database: In Apr-19, Polygon raised funding from Coinbase Ventures.
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