Mark Cuban Invests In Polygon (MATIC), Plans Integration With NFT Company

What Happened: Billionaire investor Mark Cuban has made an investment in Polygon – a Layer 2 scaling solution for Ethereum.

According to a report from CoinDesk, Cuban confirmed the investment in an email but did not disclose the size of it.

"I was a Polygon user and find myself using it more and more," said Cuban in the email.

He also plans to integrate Polygon into his portfolio company, which is a platform that allows users to display their Non-Fungible Tokens (NFTs).

"We have spoken to many investors but the discussion with Mark Cuban was truly mind-blowing," commented Polygon co-founder Sandeep Nailwal on the investment.

Why It Matters: Polygon’s native token MATIC has gained over 9500% year-to-date and was trading at $2.25 at the time of writing.

The price of Polygon’s native token took off not long after the Layer 2 scaling solution surged in popularity, integrating with numerous decentralized finance (DeFi) applications.

According to data from DeFi Pulse, the total value locked (TVL) in Polygon now exceeds $7.26 billion – an 1150% increase since March when TVL was around $580 million.

“Scaling narrative is accelerating, courtesy of Polygon and its layer-2 aggregator vision,” Denis Vinkourov, head of research at the trading sentiment data provider Trade the Chain, said to CoinDesk.

“The popular saying, ‘Build it, and they will come,’ couldn’t be any more relevant after the likes of Curve and Aave announced support.” 

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Posted In: CryptocurrencyFintechNewsMarketsTechMark CubanPolygon
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