Polygon, the Layer 2 scaling solution for Ethereum, is now joining Mark Cuban’s company portfolio and is expected to expand its presence in the future.
On Tuesday, May 25, the Indian blockchain startup Polygon secured extensive funding from billionaire investor Mark Cuban. However, the terms of the deals are not yet public. With the latest announcement, Polygon joins Mark Cuban’s company portfolio.
🔥 @mcuban is one of the most productive and empathetic investors with investing in top startups, and he’s also one of the sharks on @ABCSharkTank.
🙌🏻 We are proud to announce that @ 0xPolygon is now part of Mark’s Cuban corporate portfolio!
🌐 Visit: https://t.co/RZg0oIomFS
– Polygon (formerly Matic) (@ 0xPolygon) May 25, 2021
Mark Cuban has been quite active in the crypto space over the past year. He has openly disclosed his investments in Bitcoin and Ethereum. In addition, Cuban has also supported cryptocurrencies such as Dogecoin (DOGE). Interestingly, Cuban owned Dallas Mavericks also accepts all of these digital currencies.
Polygon is the newest member of Cuban’s prominent blockchain and crypto portfolio. Polygon offers a Layer 2 scaling solution for Ethereum, co-founder of four years in 2017. About the billionaire’s latest investment, Polygon CEO Sandeep Nailwal said:
“We spoke to a lot of investors, but the discussion with Mark Cuban was really amazing. It was so spectacular to know that he was already thinking about the nuances of the industry, the technology and the acceptance that we had figured out after months of work and had these questions in mind. “
Mark Cuban recently spoke about the utility-driven cryptocurrencies that reflect real demand. He sees a bright future for the industry. However, Cubans believe that “having more TPS and lower gas charges” is not enough. He adds:
“There has to be a CURRENT network effect and significant user growth. This is a challenge for most L1 and L2 because [with] With a few exceptions, the marketing in the crypto universe is more than terrible. “
Polygon, now supported by Cuban, offers effective scaling solutions on Ethereum
Polygon, formerly Matic Network, is an easy-to-use platform for scaling and infrastructure development of Ethereum. The platform aims to integrate the convenience and benefits of the existing decentralized ecosystem.
The Ethereum network has faced a huge congestion problem with a large number of users in various applications. This has further led to the problem of high transaction fees. Polygon, the Layer 2 scaling solution, is helping DeFi protocols and users bypass those high transaction costs of Ethereum.
The platform also aims to solve crucial issues related to various blockchains such as low speeds and high gas charges without compromising security. The demand for Layer 2 scaling solutions has increased significantly with the expansion of the crypto ecosystem. As a result, projects like Polygon have attracted more investment.
When the news of Mark Cuban broke, Polygon’s native cryptocurrency MATIC shot 40% to $ 2.30 and a market cap of $ 14.3 billion. In the last month the MATIC price has increased by almost 400%.
Bhushan is a FinTech enthusiast and has a keen understanding of the financial markets. His interest in business and finance draws his attention to the emerging blockchain technology and cryptocurrency markets. He is constantly in a learning process and motivates himself by sharing the knowledge he has acquired. In his spare time he reads crime novels and sometimes explores his cooking skills.
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