Polygon, a layer 2 scaling, has just landed another major investor in the form of Mark Cuban, sending its native token prices soaring.
Mark Cuban, the billionaire investor behind Shark Tank, has invested in Polygon, an Indian cryptocurrency platform that intends to make Ethereum transactions faster and cheaper. Matic, Polygon’s native token, has surpassed a market worth of $10 billion and is now one among the top 20 crypto coins in the world.
As a result MATIC Price has risen about 40% in the last 24 hours. MATIC/USD is currently trading at about $2.24 at the time of writing.
Polygon Network Soars on News
Meanwhile, Polygon is anticipated to benefit from Cuban’s assistance. According to rumors, the owner of the Dallas Mavericks of the National Basketball Association (NBA) is combining Polygon with Lazy.com, a platform that lets users to simply display non-fungible tokens (NFTs).
Polygon operates an Ethereum-based blockchain platform that aims to develop secure and easy-to-use decentralized financial (DeFi) apps. Nailwal, Jaynti Kanani, and Anurag Arjun launched the company in 2017. Later, Serbian Mihailo Bjelic was added as a co-founder.
Matic Price Has Seen a Dramatic Surge
Matic changed its name to Polygon in February of this year in order to broaden its appeal. It has evolved into a platform for Ethereum scaling and infrastructure development, assisting with two types of solutions: secured chains (Layer 2) and stand-alone chains (Sidechains).
The announcement sent MATIC, the protocol’s native token, soaring 40% from an intraday low of just under $1.60 to a high of $2.30 during the trading session this morning. It has recovered all of its losses from the recent market downturn and is approaching its all-time high of $2.62 set on May 18.