Polygon, an Indian crypto coin, has joined the league of top 20 cryptocurrencies in the world. It saw a ten-fold surge in its market cap since February to $13 billion. Blockchain technology has been massively adopted by Indian users in gaming, non-fungible tokens (NFTs), and decentralized finance (Defi). Polygon COO and co-founder Sandeep Nailwal said that we are on a mission to make India the blockchain power hub.
Polygon Joins the Top 20 Global Crypto Firms
Last week, Polygon(earlier known as Matic Network) has shown an exponential growth to $10 billion. And then, like a spark, it reached a $13 billion valuations, as reported by coinmarketcap.com. The startup is founded by three Indians.
Blockchain tech has provided a good push to the cryptocurrency ecosystem. The company received approval for its crypto coins in March 2021. Nasdaq listed the coins online to buy them globally.
Talking about Polygon growth, Sandeep said:
“Growth has been significant. Some part of it is speculation—as with any cryptocurrency— but we have also expanded our vision and scope of work. A combination of real-world application and user adoption has had a snowball effect.”
Anurag Arjun and Jayanti Kanani are the other two co-founders of Polygon. Between January and May, the number of applications built on Polygon, which is based on the Ethereum blockchain, rose eight times to almost 400.
Talking about blockchain growth, Sandeep said:
“We want to establish India as a blockchain powerhouse,” he said, adding that the goal was to become the third-most valued crypto project in the world behind Bitcoin and Ethereum.
Last month, Polygon signed a deal with an Infosys-owned consultant organization to include NFTs, Defi, and insurance in its ecosystem.
Future of Cryptocurrencies in India
Indians are very late to adapt to the blockchain startup space compared to Europe, China, and the US. But now, things are changing rapidly in India. Sandeep talked about blockchain adaptation in India. He said:
“There is a premium on Western projects. We have to work five times harder to get attention. But once we rebranded, brought on more people, and built a global team, people started to take notice.”
Polygon also welcomed Mihailo Bjelic as the additional co-founder in the firm.
It was 2019 when Polygon began its journey on Binance, the global crypto exchange platform. At that time, the startup raised $5 million.
The Cryptocurrency future is quite unpredictable in India. Due to that, more players are hesitating to enter the blockchain field. Indian Government may ban virtual currency in the future. This fear has reduced the progress of crypto coins in India.
Changpeng Zhao, the founder and chief executive of the world’s largest crypto exchange, Binance, recently told ET:
“Crypto curbs could cause India to miss out on a huge market and several multi-billion-dollar firms.”