- The need for cryptocurrencies and DeFi solutions to constantly innovate often comes with amazing partnerships.
- Billionaire Investor Mark Cuban has thrown his weight behind the Indian Blockchain Company, Polygon.
- MATIC, the native token of Polygon has been up in the market rising more than 100% in the last 24 hours.
- Polygon joins Dogecoin and Bitcoin as blockchain solutions backed by Mark Cuban, with experts already seeing its success.
Polygon, formerly known as Matic has been added to the list of Mark Cuban’s company portfolio after it appeared on his company’s website thereby reaffirming his investment.
The Ethereum-based scaling solution now joins the list of blockchain solutions backed by Mark Cuban and looks to grow under this partnership.
Mark Cuban is known for sticking with cryptocurrencies. After Elon Musk cut ties temporarily with Bitcoin due to climate concerns, Cuban stated that his basketball outfit (the Mavericks) will still accept payment with the cryptocurrency.
Polygon is currently growing exponentially and its token went up above 100% in 24hours with more added utility.
@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/RZg0oIomFSLower Fees— Polygon (previously Matic) (@0xPolygon) May 25, 2021
The Matic Network rebranded to Polygon in a bid to become “Ethereum’s internet of blockchains”. The network hopes to become the multi-chain ecosystem of Ethereum compatible blockchains.
The goal is for different blockchains to have the ability to share information and exchange value easily without technological barriers.
The platform allows developers to launch with a single click their custom Ethereum compatible blockchain. Polygon is an innovative project that seems to grow the initial Matic Network which was a simpler Ethereum layer-2 scaling solution.
Polygon takes the project to a whole new level with different blockchain scaling mechanisms which also include previous Matic developments like the Matic Plasma. With this development, transaction speed is increased without comprising user experience and security.
Fees are also expected to go lower with the integration of Polygon. The Indian crypto technology has risen more than 8000% in the past 12 months and with a market capitalization of over $10 billion, it is now among the top 15 largest cryptocurrencies in the world.
On the Flipside
- The stellar run of Matic/Polygon may be impeded by the decline in major coins like Bitcoin and Ethereum.
- After a major spike (even extended as in the case of Bitcoin) the market is known to correct.
- Mark Cuban’s investment in Polygon will not guarantee a smooth ride for the company’s success because of the competition with other companies.
What Does This Mean?
Mark Cuban’s investment in Polygon comes with many promises. As a billionaire who has previously backed other cryptocurrencies like Bitcoin, Ether, Dogecoin, etc. Polygon can expect more adoption of $Matic in the coming weeks.
Cuban once revealed that his portfolio is made up of 60% bitcoin, 30% ether, and 10% other coins and has continued to allow his basketball outfit to accept payments in Bitcoin is an influential figure in the crypto-space.
Mark Cuban is pushing to integrate polygon with Lazy.com as part of his plans to push the platform forward. The integration will allow users to easily display non-fungible tokens.
As the demand for layer-2 scaling solution continues to rise, Matic coin has been on the rise making tremendous gains in the past week. The high transaction fees on the Ethereum mainnet and the vast utility of Polygon are among the reasons for Mark Cuban backing the company.
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