- Polygon announced that it has now become a part of Mark Cuban’s company portfolio. Cuban, whose net worth is approximately $4.4 billion and has investments in over 100 companies
- Mark Cuban is one of the notable advocates of cryptocurrencies, particularly Ethereum and Dogecoin.
US-based billionaire investor, Mark Cuban, has invested in Polygon; an Indian layer two ethereum scaling solution.
Indian crypto company, Polygon announced that it now part of Mark Cuban’s portfolio. Cuban, whose net worth is around $4.4 billion (as per Forbes) and has investments in over 100 companies, is one of the prominent backers of cryptocurrencies, especially ether and dogecoin.
Nailwal stated without divulging the terms of the deal:
“We have spoken to many investors, but the discussion with Mark Cuban was truly mind-blowing. It was so spectacular to know that the nuances of the industry, the tech and adoption we had figured out after months of grind, he was already thinking about those and had those questions in mind.”
Polygon (formerly Matic Network) was co-founded in 2017 by three Indian software engineers — Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. Mihailo Bjelic from Serbia was afterward included as a co-founder.
Polygon is the first coherent, convenient program for ethereum scaling and infrastructure expansion. The firm intends to develop the convenience of the prevailing decentralized ecosystem.
Indian Crypto and Ethers
Ethereum, the base layer that Polygon uses, has criticized having a high fee framework for allowing transactions. Layer 2 scaling projects such as Polygon aids in decentralized finance (DeFi) protocols bypass ethereum’s high transaction costs, opening up the platform to more users.
Polygon strives to solve pain points associated with blockchains, such as high gas fees and slow speeds, without sacrificing security.
Cuban is anticipated to support Polygon to grow. The holder of the National Basketball Association’s (NBA) Dallas Mavericks is blending Polygon with Lazy.com, which allows people to display non-fungible tokens (NFTs) easily.
In recent times the demand for layer two scaling solution is attracting capital inflows, which is, in turn, has been fueling the rise in Matic tokens, which is the native cryptocurrency of Polygon.
Indian-made digital token Matic has surged more than 8,000% during the past year; while it also stayed mostly unaffected by the recent crash in the crypto market.
Matic has surged over 90% over the last 14-day period, while bitcoin and ether are down around 30% and 35%, respectively, for the same period. With a market capitalization of nearly $11 billion, Matic is among the top 15 cryptocurrencies in the world.
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