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Mark Cuban, owner of the Dallas Mavericks and a Shark Tank superstar, has added Polygon to his portfolio of enterprises.
Mark Cuban, the billionaire investor and owner of the NBA’s Dallas Mavericks, has invested an unknown sum in Polygon, an Indian crypto firm striving to improve Ethereum’s scalability.
CoinDesk confirmed the story immediately after Mark Cuban Companies classified the cryptocurrency project as an investment opportunity.
Known for his prior criticism of Bitcoin, Cuban stated earlier this year that BTC is a “better alternative to gold.”
He also stated that his personal crypto portfolio is made up of 60% Bitcoin, 30% Ethereum, and the other 10% is made up of a variety of lesser cryptocurrencies.
During this cycle, he has been a much more active voice in the crypto world, routinely appearing on various podcasts to discuss his interest in the business.
Polygon, initially known as Matic Network, was founded in 2017 with the intention of facilitating quicker and cheaper transactions on the Ethereum sidechain. The project relaunched as Polygon in February 2021, making a strategic move to enable additional Layer 2 options to minimise expenses.
Polygon has seen widespread acceptance in the decentralised finance (DeFi) field in recent months, thanks to integrations with prominent projects like as Aave, Curve Finance, SushiSwap, and others. NFT producers and crypto gambling companies have also utilised the technology.
Cuban is reportedly integrating Polygon into Lazy.com, a project building a new online gallery designed to easily display NFTs in any form.
“The best thing to hear was Mark Cuban himself uses applications on Polygon,” Sandeep Nailwal, co-founder of Polygon, told The Economic Times.
According to Nailwal, this is “a big stepping stone” for the project as it will help attract more U.S.-based investors.
MATIC, the project’s native token, has seen an impressive 27% rise in the past 24 hours on the back of the news of Cuban’s investment, hitting the $2.35 mark in the early hours on Wednesday, with the market cap surpassing $13.5 billion.