[Funding alert] Billionaire investor Mark Cuban invests in Indian crypto startup Polygon
Bengaluru-based blockchain technology company Polygon has raised an undisclosed amount of funding from US-based tech billionaire and serial startup investor Mark Cuban.
The owner of NBA’s Dallas Mavericks and one of the main ‘shark’ investors on the American reality TV show Shark Tank, Cuban is one of the prominent backers of cryptocurrencies, especially Ethereum and Dogecoin. He has invested in over 10 blockchain startups.
Cuban's net worth is around $4.4 billion (as per Forbes), and he has invested in over 100 companies.
Formerly called Matic Network, Polygon was founded in 2017 by three Indian software engineers Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, with Serbia's Mihalio Bjelic later coming on board as the co-founder.
On Mark Cuban Companies' website, the startup is described as —
“Polygon is the first well-structured, easy-to-use platform for ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Polygon POS, designed for flexibility and independence.”
Polygon’s scaling solutions have seen widespread adoption, with over 250 decentralised applications, 76 million transactions, and 7,90,000 unique users.
With the entry of Mark Cuban, the firm, which has entities in Europe, the Middle East, and Singapore, is now looking for more presence in the US.
According to reports, Cuban is integrating Polygon crypto into Lazy.com, a portfolio company that allows people to easily display non-fungible tokens (NFTs).
Last week, another Bengaluru-based cryptocurrency investment platform startup, CoinSwitch Kuber raised a Series B funding of $25 million from Tiger Global Management at a valuation of over $500 million. At the time, the startup claimed that it was the first investment by Tiger Global in an Indian cryptocurrency company.