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Tech billionaire Mark Cuban invests in Indian blockchain startup Polygon

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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 stated.

Polygon stated that it has now develop 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 corporations, is among the distinguished backers of cryptocurrencies, particularly ether and dogecoin.

“We have now 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 discovered after months of grind, he was already fascinated by these and had these questions in thoughts,” Nailwal stated 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 growth. 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 charge construction for enabling transactions. Layer 2 scaling tasks equivalent 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 resolve ache factors related to blockchains equivalent to excessive gasoline charges and gradual speeds, with out sacrificing on safety.

In the meantime, Cuban is predicted to assist Polygon develop. In accordance with experiences, the proprietor of the Nationwide Basketball Affiliation’s (NBA) Dallas Mavericks is integrating Polygon with Lazy.com, which permits individuals to simply show non-fungible tokens (NFTs).

In current instances 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 prime 15 cryptocurrencies on this planet.

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