Mark Cuban, the US-based investor and entrepreneur 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 Billion and is among the top 20 crypto coins globally.
Polygon tweeted about it:
In his website, Mark Cuban Companies explains Polygon as the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting secured chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 250+ Dapps, ~76M txns and ~790K unique users.
Cuban confirmed the investment in an email to CoinDesk but would not disclose its size or composition. "I was a Polygon user and find myself using it more and more," Cuban said in an email. He told the website he is integrating it into Lazy.com, a Cuban portfolio company that allows people to easily display non-fungible tokens (NFTs).
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 later joined as co founder.
"We have spoken to many investors but the discussion with Mark Cuban was truly mind blowing," Polygon co-founder Sandeep Nailwal told CoinDesk via Telegram.
'Extremely positive news' for India crypto ecosystem
Sharan Nair, chief business officer of CoinSwitch and Member, IAMAI-BACC-told Free Press Journal said this development is an 'extremely positive' news for the Indian crypto ecosystem. "Mark Cuban’s investment in Polygon goes on to show the kind of calibre Indian companies have in this space. It is a testament to the fact that it is India’s moment to shine. This development will encourage Indians to look into crypto more closely and will act as inspiration for the Indian tech community to build solutions for the crypto industry. More importantly this news will be a catalyst for regulators to take notice of the potential that Indian crypto entrepreneurs posses and come up with regulations that will foster growth for crypto entrepreneurs in the country," Nair added.