29 May 2021 – New Delhi
The billionaire from the USA, Mark Cuban has made an investment in blockchain startup Polygon based in India. Polygon is an Ethereum layer 2 scaling solution co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Today the team also has Mihailo Bjelic from Serbia as co-founder. Polygon was created to solve the slow transactions and high fees issues on ethereum. Though the Polygon base is on Ethereum, the users can build applications at a far low cost than Ethereum.
Ethreum is criticized for having very high fees for transactions and Layer 2 scaling projects such as Polygon are wishing to tackle that problem. These projects work such that they allow decentralized finance (Defi) protocols to bypass Ethereum’s high transaction cost as layer 2 scaling projects. Polygon aims to solve the limitations of Ethereum without compromising on security.
The native token for Polygon is Matic and its valuation was $26 million when it was first issued in 2019. Today the valuation stands at $14 billion and India gets its first crypto billionaires. The investment of Mark Cuban in Polygon is unknown at this point. Mark Cuban, who is quite popular with Shark Tank viewers, has been supporting cryptocurrency.
The co-founders of Polygon are excited about this investment. The expertise and experience of Mark Cuban are believed to help the growth of the startup. At the same time, with the ownership of the NBA basketball team – Dallas Mavericks, by Mark Cuban, it is expected that Non-fungible tokens might be in play by Polygon in the future.