Mark Cuban Invests in Polygon, Says He’s Optimistic on Cryptocurrencies, Per Reports

May
26, 2021

2 min read

Opinions expressed by Entrepreneur contributors are their own.

Polygon, the Ethereum-based scaling solution, is now listed as a holding on Mark Cuban Companies’ website.

The billionaire told Cointelegraph he was an “active user” and fan of Polygon:

“It is fast; it works well, and most importantly, their user base is growing exponentially.”

Polygon, formerly known as Matic, is a multi-chain scaling solution that streamlines Ethereum-based transactions. It added 75,000 members to its user base in a single week, generating almost $1 billion in volume and underscoring the surging demand for layer-two solutions.   

Related: Elon Musk Says Bitcoin Isn’t Decentralized as He Goes to War With Crypto Bulls

Cuban hasn’t always been a supporter of cryptocurrencies but pivoted in the past year to advocate the asset class.   

When Tesla CEO Elon Musk recently announced he wouldn’t accept Bitcoin payments due to environmental concerns, Cuban said his Dallas Mavericks would continue accepting the cryptocurrency. 

And the billionaire investor says he’s actively invested.

“I can give them feedback on marketing,” Cuban said. “And we are in the process of integrating Polygon into lazy.com, which we think will be very beneficial to creating a platform to extend NFTs and personal galleries.”

Related: Mark Cuban Hits Back at Elon Musk, Says Mavs Will Still Accept Bitcoin

Polygon’s Chief Operations Officer, Sandeep Nailwal described his dialogue with Cuban as “truly mind-blowing.”

“It was so spectacular to know that the nuances of the industry, the tech and adoption we had figured out after months of grind, he was already thinking about those and had those questions in mind.”

Some say Cuban’s investment is the latest proof that big investors remain bullish on the digital currency market despite volatility concerns.

Related: Is Cryptocurrency Passive Income Really Sustainable?