Mark Cuban invests in Indian blockchain startup Polygon

India-based blockchain technology company Polygon raised an undisclosed amount of funding from US-based tech billionaire and serial startup investor Mark Cuban on 27 May 2021.

About Mark Cuban

Mark Cuban

Everyone knows Mark Cuban from the famous American reality TV show Shark Tank where he is one of the main shark investors. He is an American billionaire entrepreneur, television personality, media proprietor and investor. Mark is also the owner of the NBA’s Dallas Mavericks. When it comes to blockchain and cryptocurrency, Cuban is one of its prominent backers, especially of Ethereum and Dogecoin. He has invested in over 10 blockchain startups. His net worth is around US$ 4.4 billion.

About Polygon

Polygon

Founded in 2017 by three Indian software engineers Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, with Serbia’s Mihalio Bjelic later coming on board as the co-founder. Formerly called Matic Network, Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, which is a decentralized and open-source blockchain with smart contract functionality. It has entities in Europe, the Middle East and Singapore. It is now looking to expand its presence in the US.

On the website of Mark Cuban Company, the startup is described as —

“Polygon is 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.”

Cuban will integrate Polygon crypto into Lazy.com, a portfolio company that allows people to easily display non-fungible tokens (NFTs).

“Cuban is very active in the startup ecosystem and has already connected us to many companies in the US. These are companies who are building something similar and we get to collaborate with them.” — Sandeep Nailwal, co-founder of Polygon.

Polygon claims that its scaling solutions have been adopted widely, with over 250 decentralised applications, 76 million transactions and 7,90,000 unique users. Its token is valued at US$ 14 billion in market cap as of Wednesday.

Foreign investors have started showing great interest in Indian crypto startups. Last week, Bengaluru-based cryptocurrency investment platform startup, CoinSwitch Kuber had raised a Series B funding of US$ 25 million from Tiger Global Management at a valuation of over US$ 500 million. It was also the first investment by Tiger Global in an Indian cryptocurrency company.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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