Polygon, formerly known as Matic, has received undisclosed funding from tech billionaire Mark Cuban. Mark is one of the popular cryptocurrency investors in the world. He has supported blockchain technology on a different forum. Polygon is observing an exponential surge in its value over the past few months.
Cuban Joins Polygon as an Investor
Matic is one of the made-in-India crypto tokens available for exchange on different crypto platforms. The token saw a surge of 8000% in its value during last year. And, the recent cryptocurrency market crash did not affect its value much.
Now, Mark Cuban has given Matic a much-needed boost by investment. US-based billionaire investor Mark has gone through the past developments of Polygon and finally decided to invest in it. Polygon is an Indian layer 2 ethereum scaling solution.
Polygon is quite happy with Mark Cuban investment. Mark has a net worth of $4.4 billion approximately and has supported more than 100 companies by his direct investment. Among cryptocurrencies, he loves Dogecoin and Ether a lot.
Sandeep Nailwal, co-founder and COO of Polygon, talked about the startup’s struggle to get funding. They knocked so many doors to receive the fundings but failed. Finally, the startup got Mark Cuban who not only invested in Polygon but he also showed a lot of interest in Matic operations.
Talking about all this experience, Nailwal said:
“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.”
Spike in Polygon Value
Polygon is a four-year-old startup, co-founded by Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun. All three are software engineers by profession. Later, Mihailo Bjelic from Serbia joined the co-founder team.
Within half a month, Matic saw a surge of 90% in its value. In the same period, Bitcoin and ether, two globally known cryptos, saw a downfall of 30% and 35% respectively.
Currently, Matic is listed in the top 15 cryptocurrencies of the world with a market cap of $14.5 billion. Overall, it ranks eleventh among the top 15 global cryptocurrencies. Last week, it was listed among the top 20 cryptocurrencies.
Current funding news helped Matic token value to spike by 40%. In intraday trading, its value reaches $2.30 from $1.60. The token received its all-time high value of $2.62 on May 18, 2021.
Cuban, the new investor of Polygon, also posted some facts about Polygon on his website, that said:
“Polygon’s scaling solutions have seen widespread adoption with 250+ Dapps, ~76M txns and ~790K unique users.”
In an email conversation, he further revealed: “I was a Polygon user and find myself using it more and more.”