Polygon: American Billionare Mark Cuban invests in Bengaluru-based Crypto
Matic, the token name of Polygon, has given a return of around 11241% since the beginning of this year and has a market cap of $12 billion.
Mark Cuban, an American billionaire and one of the main investors on the reality TV show Shark Tank, has invested in Bengaluru-based crypto startup Polygon. According to reports, Cuban plans to integrate Polygon with Lazy.com, a website to show off your non-fungible tokens (NFTs). The details of the investment remain undisclosed.
The new-age Indian cryptocurrency has gained popularity of late and has now joined the league of big players like Bitcoin and Ethereum. It is now among the top 15 virtual tokens globally. Matic, the token name of Polygon, has given a return of around 11241% since the beginning of this year and has a market cap of $12 billion. It is currently trading at $2.
CoinSwitch Kuber, an Indian cryptocurrency investment platform, earlier raised $25 million in a Series B round of funding from Tiger Global Management.
The website markcubancompanies.com states, “Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 250+ Dapps, 76M txns and 790K unique users.”
Sandeep Nailwal on 25 May wrote on twitter:
🔥 @mcuban is one of the most prolific and insightful investors with investments in top startups and he is also one of the Sharks on @ABCSharkTank.
🙌🏻 We’re proud to share that @0xPolygon is now part of the Mark Cuban company portfolio!
🌐 Visit: https://t.co/RZg0oIomFS
— Polygon (previously Matic) (@0xPolygon) May 25, 2021
Polygon, formerly known as Matic Network, was founded by Sandeep Nailwal, Jaynti Kanani and Anurag Arjun in 2017. The project aims to resolve the problems around scalability on many blockchains for the promotion of mass adoption of cryptocurrencies. Its website states that Polygon has a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It is known as Ethereum’s Internet of Blockchains. The company is also backed by Binance and Coinbase.
Separately, Sandeep Nailwal also created a Covid Relief Fund. Recently, Ethereum co-founder and the world’s youngest cryptocurrency billionaire Vitalik Buterin reportedly donated 50 trillion Shiba Inu (SHIB) tokens worth $1.14 billion to India in this fund.