HomeNewsMark Cuban invests in Indian crypto startup Polygon

Mark Cuban invests in Indian crypto startup Polygon

Billionaire investor Mark Cuban has invested in Polygon, an Indian cryptocurrency platform that aims to provide faster and cheaper transactions on the Ethereum blockchain. This platform’s native token, Matic, has crossed a market cap of over $10 billion and is among the top 20 cryptocurrencies globally.

Polygon was formerly called Matic Network and was founded by Jayanti Kanani, Sandeep Nailwal and Anurag Arjun in 2017. Polygon had started reflecting among Cuban’s portfolio of companies on May 25. In an email conversation between him and Coindesk, he confirmed this, stating that “I was a Polygon user and find myself using it more and more.”

Polygon was created to provide faster and cheaper transactions on the Ethereum blockchain using Layer 2 sidechains. These sidechains run alongside Ethereum main chain. The scaling solutions provided by Polygon saw widespread adoption, with over 250 decentralized applications, 76 million transactions and 790,000 unique users.

In February, the platform changed its name from Matic Network to Polygon in the hope of widening its scope. The platform is the go-to place for Ethereum scaling and infrastructure development. The platform helps by offering two types of solutions.

  1. Secured chains or Layer 2 chains,
  2. Stand-alone chains or Sidechains.

Although Layer2 scaling solutions rely on Ethereum for security, the Sidechains are responsible for their own security.

Mark Cuban has been an avid supporter of cryptocurrencies and has invested in over 10 blockchain startups. His crypto portfolio comprises 60% Bitcoin, 30% Ethereum and other coins accounting for the rest. He sees Bitcoin as a store of value rather than currency and stated it to be a better alternative than gold.

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