India-based layer 2 Ethereum scaling solution Polygon is the latest startup to secure the backing of American billionaire investor Mark Cuban.
Forbes estimated billionaire Mark Cuban’s net worth to around $4.4 billion. Cuban is a popular investor in cryptocurrency and has invested in over 100 companies. Crypto investor Mark Cuban especially backs are Dogecoin and Ether.
Polygon A Solution to Ethereum High Transaction Fee Problem
Polygon is an Indian layer 2 Ethereum scaling solution co-founded in 2017. The company confirmed Cuban’s investment by stating that it is now part of the billionaire’s company portfolio. The American billionaire investor Mark Cuban announced the investment on one of his websites but is yet to reveal its size and composition.
Polygon has earned itself the reputation of being the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Ethereum is the most popular decentralized ecosystem currently. However, it is also notorious for its high transaction fees.
Polygon comes in to offer a solution for this problem. The India-based startup aims to improve the usability and convenience provided by the decentralized ecosystem. Its developers claimed in a Medium post that Polygon was transforming Ethereum into a fully-fledged multi-chain system known as the Internet of Blockchain. The Ethereum-based crypto platform stated it was impressed by crypto investor Mark Cuban of all investors it has had talks with.
Polygon itself stemmed from the Matic Network that created the Matic token. Matic currently holds the position of the 12th largest crypto coin by market cap. The digital currency experienced a price surge of up to 35.2% in the last 24 hours.
Billionaire Mark Cuban’s Investment Gives Renewed Hope to the Crypto Community
Matic was among the cryptocurrencies affected by the high volatility of the crypto market that resulted from the Elon Musk Bitcoin bombshell. Seeing the likes of crypto investor Mark Cuban continue to back cryptocurrencies in the present times give renewed hope to the crypto community.
In an email confirming his investment, American billionaire investor Mark Cuban stated that he has been a continued user of Polygon and is finding himself using it more and more. After Sawyer’s and Musk’s meeting with the North American Bitcoin miners, this news is more of what the crypto community needs.