Billionaire “Shark Tank” investor Mark Cuban has added Ethereum-backed platform Polygon to his investment portfolio. Polygon, which is designed to scale tEhereum chains and develop the blockchain’s infrastructure, announced the investment on Twitter late on Tuesday.
Polygon originated from the Matic network, which created the Matic token but has since developed its scope and now describes itself as “Ethereum’s internet of blockchains”.
“Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. ” its developers wrote on Medium when announcing the expansion. It is based on Polygon SDK, a framework that effectively expands the ethereum network to include a wider variety of chain types and therefore adds functionalities to ethereum.
“Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc”, the Medium post continues. Compared to the named systems, Polygon says it offers improved security, the ability to make use of the already existing, larger ethereum network and is more open and powerful.
Matic is the 12th largest crypto coin based on market capitalization and was last up 35.2% in the 24 hours to 05:51 am E.T. at $2.27, according to Coingecko data. Matic was among the coins affected by the high levels of volatility in the cryptocurrency market over the past weeks, reaching its highest ever valuation of $2.62 on May 18, but has fallen by almost 14% since then.
The Matic network was founded in 2017 by Jaynti Kanani, Anurag Arjun and Sandeep Nailwal. Naiwal is behind the crypto based Covid-19 relief fund for India, CryptoRelief, which has collected over $1 billion worth of crypto tokens through donations from industry heavyweights like Vitalik Buterin.
By investing in Polygon, Cuban has expanded the crypto-based companies in his investment portfolio and reaffirmed his bullish stance on crypto. He has previously invested into various platforms like OpenSea, Lazy and Mintable that allow users to showcase and trade NFTs and other digital assets, as well as DeFi protocols.
Cuban has also publicly supported investing in cryptocurrencies and allows them as payment methods for tickets and merchandise of his basketball team, the Dallas Mavericks. In recent months, he has especially encouraged his followers to invest in dogecoin and has said he believes the meme crypto is a good way to learn about money.