Mark Cuban Tech billionaire invests in Indian blockchain startup Polygon

CIOReviewIndia Team | Wednesday, 26 May 2021, 03:35 IST

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Mark Cuban Tech billionaire invests in Indian blockchain startup PolygonUS-based billionaire investor, Mark Cuban, has made an investment in Polygon, an Indian layer 2 ethereum scaling solution  the startup’s co-founder Sandeep Nailwal stated.

Polygon said that it has now become a part of Mark Cuban’s company portfolio. Cuban, whose net worth is around $4.4 billion and has investments in over 100 companies, is one of the prominent backers of cryptocurrencies, especially ether and dogecoin.

“We have spoken to many investors, but the discussion with Mark Cuban was truly mind-blowing. It was so remarkable to know that the nuances of the industry, the tech and adoption we had figured out after months of grind, he was already thinking about those and had those questions in mind," Nailwal stated without divulging the terms of the deal.

Polygon (formerly Matic Network) was co-founded in 2017 by three Indian software engineers - Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. Mihailo Bjelic from Serbia was later added as a co-founder.

Polygon is the first well-structured, easy-to-use platform for ethereum scaling and infrastructure development. The company goals is to improve the usability and convenience of the current decentralized ecosystem which would result in further cryptocurrency price increases.

Ethereum, which is the base layer that Polygon uses, has come under criticism for having a high fee structure for enabling transactions. Layer 2 scaling projects such as Polygon help decentralized finance (DeFi) protocols bypass ethereum’s high transaction costs, which can open up the platform to more users.

Polygon aims to resolve pain points associated with blockchains such as high gas fees and slow speeds, without sacrificing on security.

Meanwhile, Cuban is expected to help Polygon grow. According to reports, the owner of the National Basketball Association's (NBA) Dallas Mavericks is integrating Polygon with Lazy.com, which permits people to easily display non-fungible tokens (NFTs).

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