India’s first crypto billionaires
To improve the infrastructure for Ethereum, whose native cryptocurrency Ether (ETH) is the second-largest cryptocurrency by market capitalisation, Jaynti Kanani, Sandeep Nailwal and Anurag Arjun launched Matic Network.
Wednesday June 02, 2021,
4 min Read
In 2017, three software engineers — Jaynti Kanani, Sandeep Nailwal and Anurag Arjun — realised Ethereum, the decentralised, open-source blockchain with smart contract functionality, was dealing with scalability issues and high gas fees (transaction fees).
To improve the infrastructure for Ethereum, whose native cryptocurrency Ether (ETH) is the second-largest cryptocurrency by market capitalisation, the trio launched Matic Network.
Co-founder and CEO Jaynti Kanan tells YourStory,
“When CryptoKitties, a blockchain game on Ethereum, became popular, it jammed the network. So for us, it became a question of solving this problem. We knew blockchain technology was still in its early stages, and so we weren’t looking to onboard millions of users in a short span of time. Rather, we just wanted to be a top blockchain project in terms of usage.”
In May, Matic Network, which recently rebranded itself as Polygon, raised funding from US-based tech billionaire and serial startup investor Mark Cuban.
The startup's cryptocurrency — MATIC tokens — also entered the list of top 20 cryptocurrencies worldwide in market capitalisation, turning its co-founders into India’s first crypto billionaires.
So far, over 250 decentralised applications, 76 million transactions, and 7,90,000 unique users have adopted Polygon's solutions.
Read all about how the Indian startup ecosystem is battling the second wave of COVID-19 here.
Here are some useful tools to help you find the nearest vaccine centres in real-time.
You can also share a tribute to COVID-19 warriors, saviours, and survivors here.
In the crypto space, the narrative has been largely around the fact that India needs cryptocurrencies. However, many stakeholders point towards areas of concern.
Rameesh Kailasam, CEO, IndiaTech.org talks about the five-point framework created by IndiaTech.org to regulate India's crypto industry while mitigating risks and fostering innovation.
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News & Updates
- While sharing plans to expand offline studios, Pepperfry Co-founder and COO Ashish Shah said the company is expected to turn profitable as soon the market opens, and achieve unicorn status.
- Dunzo will be launching a pilot programme to use drones to deliver medicines in Telangana. The drone delivery system will focus on an end-to-end ecosystem for drone-based logistic transportation, and utilise the existing logistics network of the state.
- Revenue-based growth capital firm N+1 Capital announced that it has made its first close and has also kicked off the maiden investments in startups such as ShypLite, Clensta Technologies, and Teamonk Global Foods.
- Eli Lilly and Company India has received permission for the emergency use of its antibody drugs combination to treat COVID-19 cases. Bamlanivimab and Etesevimab have been authorised under Emergency Use Authorisation in the US and select EU countries as well.
- Indian economy would rebound in the current fiscal ending March 2022, and clock a growth of 9.3 percent, Moody's Investors Service said. It projected a decline in economic activity in the June quarter due to the reimposition of lockdown measures.
Before you go, stay inspired with…
“Right now, Bitcoin is a more established store of value and there is no reason to think it won’t continue to be for a long time. Ethereum, on the other hand, is booming with development that I think will create so many new applications.”
— Mark Cuban, entrepreneur, investor and television personality
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