Indian blockchain startup Polygon has received massive funding from billionaire investor Mark Cuban.
As such, Polygon, a Layer 2 scaling solution for Ethereum, is now joining Mark Cuban’s portfolio and is likely to expand its presence in the future. Investments from billionaire Mark Cuban provoked the growth of the native token of the Polygon project (MATIC) by 40%. According to Cuban, he is a Polygon user himself and is using it “more and more”. However, exactly how much Cuban plans to invest in Polygon remains unknown.
By investing in Polygon, Mark Cuban has expanded the number of cryptocurrency companies in his investment portfolio and reaffirmed his optimistic and positive stance on cryptocurrencies. He has previously invested in various platforms such as OpenSea, Lazy and Mintable, which allow users to trade NFT and other digital assets as well as DeFi protocols.
Mark Cuban has publicly supported investing in cryptocurrencies
Mark Cuban has been quite active in the crypto space over the past year. He publicly disclosed his investments in Bitcoin and Ethereum. In addition, Cuban has also expanded support for cryptocurrencies such as Dogecoin (DOGE). Interestingly, the Cuban Dallas Mavericks also accepts all of these digital currencies.
Polygon is the latest to join the renowned blockchain and crypto portfolio of Cuban. Polygon provided the co-founder with Ethereum Level 2 scaling solutions four years ago in 2017. Explaining the billionaire’s recent investment, Polygon CEO Sandeep Nailwal said:
“We spoke with many investors, but the discussion with Mark Cuban was truly breathtaking. It was so exciting to know that the nuances of the industry, technology and adoption that we figured out after several months of work, he was already thinking about it and had these questions in mind”.
Mark Cuban recently talked about utility-driven cryptocurrencies that reflect real demand. He sees a bright future for the industry.
What is Polygon?
Polygon originated from the Matic network, which created the Matic token. But has since expanded its scope and now describes itself as the “Ethereum-based Internet blockchain”.
“Polygon is the first well-structured and easy-to-use platform for Ethereum scaling and infrastructure development”, wrote its developers on Medium, announcing the scaling of the technology. It is based on the Polygon SDK, a framework that effectively extends the Ethereum network. To include a wider variety of chain types and therefore adds Ethereum functionality.
“Polygon is effectively transforming Ethereum into a complete multi-chain system (known as the internet blockchain). This multi-chain system is similar to others such as Polkadot, Cosmos, Avalanche and others”, the same Medium post says. Compared to the named systems, Polygon claims to offer improved security, the ability to leverage the already existing larger Ethereum network, which is more open and powerful.
Notably, the Polygon scaling aggregator has received more and more attention in recent months. This comes amid high fees on the Ethereum network, with Polygon expected to provide a cheaper architecture for DeFi protocols.
It’s also worth noting that Polygon has outperformed most other assets in the cryptocurrency market over the past week. In 30 days, its price has risen by 500%, and since the beginning of the year, more than 100 times.