Business News: Mark Cuban, tech billionaire, invests in Indian blockchain startup Polygon.
US-based billionaire investor Mark Cuban made an investment in Polygon – an Indian stratum 2 ethereum downsizing solution – said startup co-founder Sandeep Nailwal.
Polygon said it has now become a part of Mark Cuban’s corporate portfolio. Cuban, whose net worth is around $ 4.4 billion (according to Forbes) and has investments in over 100 companies, is a major proponent of cryptocurrencies, especially ether and dogecoin.
Polygon (formerly Matic Network) was co-founded in 2017 by three Indian software engineers: Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Mihailo Bjelic from Serbia was later added as a co-founder.
Polygon is the first well-structured and easy-to-use platform for Ethereum scaling and infrastructure development. The company aims to improve the usability and affordability of the current decentralized ecosystem.
Ethereum, which is the base layer used by Polygon, has been criticized for having a high fee structure to allow for transactions. Layer 2 scaling projects like Polygon help decentralized finance (DeFi) protocols bypass Ethereum’s high transaction costs, which can open the platform to more users.
Polygon aims to address the pain points associated with blockchains such as high gas rates and low speeds, without sacrificing security. The Made in India Matic crypto token has risen by more than 8,000% over the past year, while it has remained largely unaffected by the recent cryptocurrency market crash.
Matic has jumped over 90% in the past 14 days, while bitcoin and ether have fallen by around 30% and 35% respectively for the same period. With a market capitalization of nearly $ 11 billion, Matic is among the top 15 cryptocurrencies in the world.