Sequoia Capital India and Steadview Capital and other investors are in talks to back Polygon. It operates a framework for building and connecting Ethereum-compatible blockchain networks, by way of token purchase.

The investors are looking to purchase tokens worth $50 million to $150 million. As is common with these token transactions, investors will be able to buy the coins at a slight discount.

An investment will mark a shift in the investors’ perception of India-based Polygon, which until recent years struggled to receive backing from most prominent venture firms in the South Asian market.

Deliberations are ongoing and the terms may change. There were no comments early last week.