Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.
- Mark Cuban has invested an undisclosed sum into Polygon and is integrating the platform into another portfolio company called Lazy.com
- Polygon crossed the market capitalisation of $13 Bn on May 18
- Polygon claims adoption across 250+ apps, almost 76 Mn transactions and almost 790,000 unique users
US-based investor and entrepreneur Mark Cuban has invested an undisclosed amount in Polygon, an Indian cryptocurrency platform that aims to provide faster and cheaper transactions on the Ethereum blockchain. Polygon’s native token Matic has crossed a market cap of over $10 Bn and is among the top 20 crypto coins globally.
Polygon is a layer 2 scaling project created by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic in 2017. It was created to function as an alternative to Ethereum’s blockchain or to create ‘sidechains’ along Ethereum’s network to overcome some of its issues. The concept of Polygon’s sidechains ensures that users do not have to suffer with slow transaction speeds and costs as an infinite number of sidechains can be created along existing blockchains if the pre-existing sidechains also get congested.
Built by developers, for developers
Polygon combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system.
Polygon solves pain points associated with Blockchains, like high gas fees and slow speeds, without sacrificing on security. This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc, but with at least three major upsides:
In a social media post Polygon shared that the cryptocurrency platform is now part of Cuban’s portfolio.
Cuban’s website lists its investment in Polygon as a “well-structured, easy-to-use platform for Ethereum scaling and infrastructure development”. The funding amount has not been disclosed. Cuban owns the Dallas Mavericks basketball team and is one of the main “shark” investors on the American startup reality show “Shark Tank”.
As the global user base of cryptocurrencies and crypto assets has surpassed 200 Mn, India crypto industry has also registered a record jump in the number of crypto adopters. The number of active users is currently approximately 15 Mn, while the number of blockchain startups in this space has gone up from 100+ in 2018 to 300+ in 2021. According to a recent report by India’s industry association IndiaTech.org, Indian users currently hold crypto assets worth more than $1.5 Bn and their daily trades in crypto are worth $350 Mn-$500 Mn.