Tech billionaire Mark Cuban invests in Indian blockchain startup Polygon

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 change into part of Mark Cuban’s firm portfolio. Cuban, whose web price is round $4.Four billion (as per Forbes) and has investments in over 100 corporations, is among the outstanding backers of cryptocurrencies, particularly ether and dogecoin.

“We have 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 business, the tech and adoption we had found out after months of grind, he was already enthusiastic about these and had these questions in thoughts,” Nailwal mentioned with out divulging the phrases of the deal.

Polygon (previously Matic Network) 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 firm 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 payment construction for enabling transactions. Layer 2 scaling tasks equivalent to Polygon assist decentralized finance (DeFi) protocols bypass ethereum’s excessive transaction prices, which might open up the platform to extra customers.

Polygon goals to unravel ache factors related to blockchains equivalent to excessive fuel charges and sluggish speeds, with out sacrificing on safety.

Meanwhile, Cuban is anticipated to assist Polygon develop. According to studies, the proprietor of the National Basketball Association’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 yr, 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 practically $11 billion, Matic is among the many prime 15 cryptocurrencies on this planet.

Subscribe to Mint Newsletters

* Enter a legitimate e-mail

* Thank you for subscribing to our e-newsletter.

Never miss a narrative! Stay related and knowledgeable with Mint.
Download
our App Now!!

LEAVE A REPLY

Please enter your comment!
Please enter your name here