NEW DELHI: US-based billionaire investor, Mark Cuban, has made an funding in Polygon — an Indian layer 2 ethereum scaling resolution — the startup’s co-founder Sandeep Nailwal mentioned.
Polygon mentioned that it has now change into part of Mark Cuban’s firm portfolio. Cuban, whose internet price is round $4.4 billion (as per Forbes) and has investments in over 100 corporations, is among the outstanding backers of cryptocurrencies, particularly ether and dogecoin.
“We’ve spoken to many traders, however the dialogue with Mark Cuban was actually mind-blowing. It was so spectacular to know that the nuances of the trade, the tech and adoption we had found out after months of grind, he was already eager about these and had these questions in thoughts,” Nailwal mentioned with out divulging the phrases of the deal.
Polygon (previously Matic Community) was co-founded in 2017 by three Indian software program engineers — Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Mihailo Bjelic from Serbia was later added as a co-founder.
Polygon is the primary well-structured, easy-to-use platform for ethereum scaling and infrastructure improvement. The corporate goals to enhance the usability and comfort of the present decentralized ecosystem.
Ethereum, which is the bottom layer that Polygon makes use of, has come below criticism for having a excessive price construction for enabling transactions. Layer 2 scaling tasks similar to Polygon assist decentralized finance (DeFi) protocols bypass ethereum’s excessive transaction prices, which may open up the platform to extra customers.
Polygon goals to unravel ache factors related to blockchains similar to excessive fuel charges and sluggish speeds, with out sacrificing on safety.
In the meantime, Cuban is anticipated to assist Polygon develop. Based on reviews, the proprietor of the Nationwide Basketball Affiliation’s (NBA) Dallas Mavericks is integrating Polygon with Lazy.com, which permits folks to simply show non-fungible tokens (NFTs).
In current occasions the demand for layer 2 scaling resolution is attracting capital inflows, which is, in flip, has been fueling rise in Matic tokens, which is the native cryptocurrency of Polygon.
Made-in-India crypto token Matic has surged greater than 8,000% over the previous yr, whereas it additionally remained largely unaffected by the current crash within the crypto market.
Matic has jumped over 90% during the last 14-day interval, whereas bitcoin and ether are down round 30% and 35%, respectively, for a similar interval. With a market capitalization of almost $11 billion, Matic is among the many high 15 cryptocurrencies on the earth.
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