NEW DELHI: US-based billionaire investor, Mark Cuban, has made an funding in Polygon — an Indian layer 2 ethereum scaling answer — the startup’s co-founder Sandeep Nailwal mentioned.
Polygon mentioned that it has now turn into part of Mark Cuban’s firm portfolio. Cuban, whose internet value is round $4.4 billion (as per Forbes) and has investments in over 100 firms, is among the outstanding backers of cryptocurrencies, particularly ether and dogecoin.
“We’ve spoken to many traders, however the dialogue with Mark Cuban was really mind-blowing. It was so spectacular to know that the nuances of the business, the tech and adoption we had found out after months of grind, he was already fascinated 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 underneath criticism for having a excessive payment construction for enabling transactions. Layer 2 scaling initiatives reminiscent of Polygon assist decentralized finance (DeFi) protocols bypass ethereum’s excessive transaction prices, which might open up the platform to extra customers.
Polygon goals to resolve ache factors related to blockchains reminiscent of excessive gasoline charges and sluggish speeds, with out sacrificing on safety.
In the meantime, Cuban is predicted to assist Polygon develop. In response to 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 answer 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 12 months, whereas it additionally remained largely unaffected by the current crash within the crypto market.
Matic has jumped over 90% over the past 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 prime 15 cryptocurrencies on this planet.
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