Polygon’s MATIC Cryptocurrency Shoots 40% Following Investment from Tech Billionaire Mark Cuban

26. May 2021 Posted by Akolkar B on News

On Tuesday, May 25, Indian blockchain startup Polygon announced a big investment coming from the U.S-based tech billionaire Mark Cuban. Polygon, the Layer 2 Ethereum scaling solutions has gained much popularity in recent times.

Following the current news, Polygon’s native cryptocurrency shot 40% taking its price to above $2.30. At press time, Polygon MATIC is trading at a price of $2.23 with a market cap of $13.43 billion. MATIC has been one of the top-performing altcoins in the crypto space surging 222x year-to-date and over 400% just one the last week despite the strong correction in the market.

With the recent investment, Polygon now become part of the Mark Cuban company portfolio. Cuban, with a net worth of $4.4 billion, has been an active investor in the crypto space over the last year. Besides Polygon, Cuban has also invested his money in Bitcoin, Ethereum and Dogecoin (DOGE).

However, this investment is different considering that it will help fuel the Polygon network development going ahead. Speaking on this Polygon co-founder Sandeep Nailwal said: “We have spoken to many investors, but the discussion with Mark Cuban was truly mind-blowing. It was so spectacular 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”.

Polygon is a Layer 2 Ethereum scaling and infrastructure development solution that’s easy-to-use and well structured. It aims to improve the usability and convenience of the existing decentralized ecosystem.

The Ethereum blockchain network is known for facilitating a wider ecosystem consisting of DApps, DeFi, NFTs, smart contracts and many other things. With high network traffic, the Ethereum blockchain also faces the issues of congestion and high transaction fee.

Layer 2 scaling projects like Polygon also help the DeFi protocols to bypass the Ethereum network’s high transaction costs. Thus, the Polygon blockchain offers a solution to some of the major issues like slow network speeds and high gas fee. It does this without compromising on the security.

The recent investment by Cuban will provide the necessary fuel to Polygon to continue with their development process going ahead.