India’s crypto platform for Ethereum scaling and infrastructure development Polygon (erstwhile Matic Network) has raised a “sizeable” investment from American billionaire entrepreneur Mark Cuban ideal identified for being the owner of the Dallas Mavericks NBA basketball group and one of the ‘sharks’ on the reality Television show Shark Tank. Polygon, which described itself as the ‘Ethereum’s net of blockchains’, transforms Ethereum into a complete-fledged multi-chain technique and is more safe and effective in terms of the architecture it supports, its developers wrote on Medium earlier this year.
“Very recently we had seen that Mark was talking on social media about Polygon and he had some applications which were built on Polygon. Jack Dorsey, Cuban, Elon Musk, etc., were using applications too which were in the background using Polygon Chain. So, we realized that he might be interested in it. He knew in-depth a lot of things that we would expect from only crypto experts. He even knew our competitive landscape and how applications can be better. It was an inspirational and mindboggling call for me. The amount is sizeable from his side,” Sandeep Nailwal, Co-founder, Polygon told TheSpuzz Online.
Cuban is currently assisting the startup by connecting the group with his portfolio applications who are exciting to create on Polygon. “With him being present, we will be able to generate a lot of institutional interest as well from the US,” he added. On the other hand, Nailwal would also want to create to Elon Musk and other crypto backers for his close to future investments. “For sure we want to reach out to him (Elon Musk). We would definitely want to touch base with others as well. So, we will be figuring out the best way to get in touch with them.”
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However, the investment from Cuban in Polygon might not be that surprising thinking of the ecosystem development of Polygon. Cuban is a seasonal investor in the Blockchain market with investments in more than 10 projects in the last one year which includes Injective Protocol, CryptoSlam, and so on. “Polygon is the fastest growing Blockchain ecosystem to date, and more than 250 Blockchain applications are using Polygon network currently. Polygon is a layer 2 Blockchain network that is scaling the Ethereum network and provides an instant transaction speed. That’s the key reason for this major shift of Blockchain applications on Polygon. After the investment news arrived, Matic which is a network token of polygon witnessed 50 per cent growth in price,” Hitesh Malviya, Crypto Expert and Founder, itsblockchain.com told TheSpuzz Online.
Meanwhile, Nailwal desires Polygon’s token to be on the prime, at least correct soon after Bitcoin and Ethereum. As per CoinMarketCap, Polygon was currently the 12th biggest token with a marketplace cap of practically $14 billion. “It feels great to be among the top, but the growth from around $200 million (market cap) in January to this big has happened as there was a lot of pent-up demand. We launched in 2020 June but the background work was underway since 2017,” he added. Polygon’s options have seen important adoption with more than 250 decentralised apps, about 7 million transactions, and about 790,000 customers. The enterprise has currently been added to Cuban’s list of his portfolio on his web page.
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