Polygon (MATIC) Skyrockets 32% After Strong Backing from Tech Billionaire Mark Cuban

The price has Polygon’s native crypto MATIC has skyrocketed 32% today making its move above $2.0 At press time, MATIC is trading at $2.13 with a market cap of $13.1 billion. The recent price rally comes as tech billionaire Mark Cuban officially announced his support to the Indian blockchain startup.

Mark Cuban, with a net worth of $4.4 billion, has been heavily investing in the crypto space. Polygon (MATIC) becomes the latest addition to Mark Cuban’s cryptocurrency/blockchain investment portfolio.

Polygon builds Layer 2 Ethereum scaling solutions and was co-founded in 2017 by Indian software engineers – Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun. Nailwal confirmed this latest news while adding:

“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”.

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Polygon – The Ethereum Scaling Infrastructure Provider

As the Ethereum blockchain network facilitates a massive ecosystem of DApps, DEXs, DeFi, smart contracts, NFTs, etc. it hosts a wide range of users. Polygon offers an easy-to-use and well-structured interface for Ethereum infrastructure developments and scaling. As a result, Polygon has managed to establish a strong presence, especially among Ethereum developers.

This Layer 2 scaling project solves one of the biggest problems of Ethereum i.e. high fee transactions and network congestion. Thus, it helps several of the decentralized finance (DeFi) protocols bypass the high transaction costs of the Ethereum network. The best thing about Polygon is that as it solves the issues of high gas fees and slow speeds, it doesn’t compromise on Ethereum security at all.

With Mark Cuban joining the Polygon ecosystem, this layer 2 protocol will get wide access to other businesses that the billionaire owns. Cuban, who owns the National Basketball Association’s (NBA) Dallas Mavericks shall be integrating Polygon with Lazy.com. This will allow the platform users to easily display different non-fungible tokens (NFTs).

Over the last month, the MATIC price has skyrocketed nearly 5x registering 400% returns. Last week, Polygon’s MATIC touched an all-time high of $2.54. MATIC’s year-to-date returns stand at a massive 222x.

About Author

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.