American Billionaire Invests ‘Undisclosed Amount’ in Indian Cryptocurrency Startup

American investor Mark Cuban has added the Indian cryptocurrency startup, Polygon, to his portfolio. The entrepreneur has invested an undisclosed quantity within the tech firm. Polygon runs on the Ethereum blockchain and goals to offer sooner and safer transactions.

Polygon is now listed on Cuban’s official website as one of many many corporations the place he has invested. It has described Polygon because the “first well-structured, straightforward to make use of platform for Ethereum scaling and infrastructure growth”.Polygon, previously known as Matic, was created in 2017 by four developers: JayntiKanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. All four are listed on the website as co-founders of the company.

Polygon also announced the news on Twitter and said the company is “proud” to be part of Cuban’s funding portfolio.

The homegrown cryptocurrency’s market cap breached the $10 billion mark earlier this month, and is at the moment at over $16 billion, in keeping with the info on CoinMarketCap.

Polygon is already among the many high 20 crypto cash on the planet. It is at the moment buying and selling at $2.16 (topic to fluctuations). And now, the funding by Cuban will additional increase the worth of the made-in-India firm.

Cuban can also be the proprietor of the American basketball group Dallas Mavericks, and one of many “sharks” in the hit US reality television show Shark Tank, where aspiring entrepreneurs present their business ideas to a panel of investors or ‘sharks’.

Seeing the rising reputation and acceptance of cryptocurrency worldwide, the Indian authorities can also be considering regulating the digital foreign money within the nation, reported the Economic Times. In 2019, a government-constituted panel had advisable a blanket ban on cryptocurrency in India.

Tesla CEO Elon Musk is also one of the greatest advocates of cryptocurrency, and since early this year, he has been continuously endorsing Dogecoin — a meme currency with Shiba Inu dog as its logo.

 

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