Big Investor Supports And Contributes To Indian Blockchain Startup
Mark Cuban, a US-based investor, and entrepreneur has invested an unknown sum in Polygon, an Indian cryptocurrency platform. The startup makes Ethereum transactions faster and cheaper. Polygon token is now among the top 20 crypto coins in the world.
In 2017, Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic created Polygon, a layer two scaling project. It was built as a replacement for Ethereum’s blockchain or to establish “sidechains” along Ethereum’s network to address some of its flaws. Because an infinite number of sidechains can be built along with existing blockchains if the pre-existing sidechains become crowded, Polygon’s sidechains ensure that users do not have to suffer from sluggish transaction speeds and prices.
Cuban describes Polygon as a “well-structured, easy-to-use platform for Ethereum scaling and infrastructure development” on his website. The amount of funding has not been revealed. Cuban is the Dallas Mavericks basketball franchise owner and one of the most prominent “shark” investors on the American reality show “Shark Tank.”
Cuban was quoted as claiming in an emailed answer to Coindesk that he was a Polygon user before investing in the firm. He also said he’s integrating it into Lazy.com, a Cuban-backed startup that lets individuals simply display non-fungible tokens (NFTs).
On May 18, Polygon’s market capitalization surpassed $13 billion, and its token MATIC was up more than 24%. Polygon claims to have over 250 apps, about 76 million transactions, and about 790,000 unique users.
The global user base of cryptocurrencies and crypto-assets has topped 200 million people, and the Indian crypto business has seen a record increase in crypto adoption. The number of active users is currently at 15 million, and the number of blockchain startups has risen from 100 in 2018 to 300 in 2021. Indian consumers presently possess crypto assets worth more than $1.5 billion, according to a recent estimate by India’s industry group IndiaTech.org, and their daily crypto trades are worth $350 million to $500 million.
According to reports, with the increased interest in crypto assets in the country, a new government committee is being formed. The top authorities want the Indian government to reconsider the suggestions given by the Subhash Garg Committee in 2019. The committee proposed that cryptocurrencies be banned in India, while the sector has sought restrictions to prevent corporations from losing millions of dollars invested. Anurag Thakur, the Minister of State for Finance, is slated to be a new panel member.