American investor Mark Cuban has added the Indian cryptocurrency startup, Polygon, to his portfolio. The entrepreneur has invested an undisclosed amount in the tech company. Polygon runs on the Ethereum blockchain and aims to provide faster and more secure transactions.
Polygon is now listed on Cuban’s official website as one of the many companies where he has invested. It has described Polygon as the “first well-structured, easy to use platform for Ethereum scaling and infrastructure development”.Polygon, previously known as Matic, was created in 2017 by four developers: JayntiKanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. All four are listed on the website as co-founders of the company.
Polygon also announced the news on Twitter and said the company is “proud” to be a part of Cuban’s investment portfolio.
? @mcuban is one of the most prolific and insightful investors with investments in top startups and he is also one of the Sharks on @ABCSharkTank.?? We’re proud to share that @0xPolygon is now part of the Mark Cuban company portfolio!
? Visit: https://t.co/RZg0oIomFS
— Polygon (previously Matic) (@0xPolygon) May 25, 2021
The homegrown cryptocurrency’s market cap breached the $10 billion mark earlier this month, and is currently at over $16 billion, according to the data on CoinMarketCap.
Polygon is already among the top 20 crypto coins in the world. It is currently trading at $2.16 (subject to fluctuations). And now, the investment by Cuban will further boost the value of the made-in-India company.
Cuban is also the owner of the American basketball team Dallas Mavericks, and one of the “sharks” in the hit US reality television show Shark Tank, where aspiring entrepreneurs present their business ideas to a panel of investors or ‘sharks’.
Seeing the growing popularity and acceptance of cryptocurrency worldwide, the Indian government is also contemplating regulating the virtual currency in the country, reported the Economic Times. In 2019, a government-constituted panel had recommended a blanket ban on cryptocurrency in India.
Tesla CEO Elon Musk is also one of the greatest advocates of cryptocurrency, and since early this year, he has been continuously endorsing Dogecoin — a meme currency with Shiba Inu dog as its logo.
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