Mark Cuban Invests in Ethereum Scaling Resolution Polygon

Billionaire investor and proprietor of the NBA’s Dallas Mavericks Mark Cuban has invested an undisclosed quantity in Polygon an Indian crypto startup engaged on bettering Ethereum’s scalability. 

CoinDesk confirmed the information shortly after Mark Cuban Firms listed the crypto challenge as an funding.

Identified for his criticism of Bitcoin previously, earlier this 12 months, Cuban stated that BTC is “a greater different to gold.” He additionally revealed that his private crypto portfolio contains 60% Bitcoin, 30% Ethereum, with the remaining 10% accounting for a number of different smaller altcoins. 

He has been a way more energetic voice within the crypto neighborhood on this cycle, steadily showing on numerous podcasts to debate his curiosity within the trade.

Based in 2017 as Matic Community, Polygon was initially designed as an Ethereum sidechain offering sooner and cheaper transactions. In February 2021, the challenge rebranded as Polygon, making a strategic shift to assist extra Layer 2 options to cut back prices.

In current months, Polygon has loved heavy adoption throughout the decentralized finance (DeFi) house, after integrations with standard tasks like Aave, Curve Finance, SushiSwap, and others. The expertise has additionally been used amongst NFT creators and crypto gaming platforms.

Cuban is reportedly integrating Polygon into Lazy.com, a challenge constructing a brand new on-line gallery designed to simply show NFTs in any kind.

“The perfect factor to listen to was Mark Cuban himself makes use of purposes on Polygon,” Sandeep Nailwal, co-founder of Polygon, informed The Economic Times.

In response to Nailwal, that is “a giant stepping stone” for the challenge as it can assist appeal to extra U.S.-based buyers. 

 

MATIC, the challenge’s native token, has seen a powerful 27% rise previously 24 hours on the again of the information of Cuban’s funding, hitting the $2.35 mark within the early hours on Wednesday, with the market cap surpassing $13.5 billion.