Shark Tank Investor Mark Cuban Backs Ethereum Layer 2 Solution, Polygon
Mark Cuban of Shark Tank fame is getting more and more involved in the crypto space.
From opening a non-fungible token (NFT) platform to openly supporting crypto assets like Bitcoin and Ethereum, Cuban is one of crypto’s staunch supporters despite a checkered past.
Cuban Adds Polygon To Company Portfolio
While a large-cap crypto project like Bitcoin is getting the heat on its energy demands, other small-cap crypto protocols aggressively garner more investors.
The latest is decentralized finance (DeFi) facilitator Polygon of Matic fame. In a post on its official Twitter handle, the Ethereum layer two scaling solution announced the addition of its protocol to Mark Cuban's company portfolio.
The disclosure was confirmed by the billionaire investor himself, who retweeted the Ethereum protocol's post. Polygon has also been added to his website, further confirming his investment in the project.
Cuban has come a long way in his view about cryptocurrencies. Commenting last year on the premier digital asset, the Dallas Mavericks owner once said Bitcoin was useless. He also mocked crypto by saying he prefers to buy bananas than hold BTC.
But things have changed since then. He started by supporting Bitcoin payment for the Mavericks’ ticket purchases and has not looked back. Also, he announced the addition of meme-based cryptocurrency Dogecoin and has become a vocal supporter of the crypto course, noting that cryptocurrencies would ultimately redefine the financial space.
Cuban has not stopped investing in the crypto space. He founded Lazy.com for digital artists to easily display their NFT collectibles and has thrown his weight behind embattled crypto-asset Bitcoin.
Following an announcement by Tesla boss Elon Musk of his decision to discontinue Bitcoin payment for Tesla cars due to huge environmental costs, Cuban said that his professional basketball team, the Mavs, will continue supporting BTC payments. According to the Shark Tank investor, Bitcoin’s deflationary tendency makes it a better store of value than gold, and its continued use will help the environment, thereby benefiting society.
Bitcoin has since fallen from its high pedestal of $65,000 in mid-April to $40,000 at press time. A combination of Musk’s criticism of its energy-guzzling proof-of-work (PoW) mining protocol and a regulatory clampdown on crypto payments in the world's largest BTC mining nation, China, has seen Bitcoin price slump. It fell as much as $30,000 before making a recovery to the $40K mark.
Lazy.com To Integrate Polygon
Ethereum has grown exponentially since the adoption of DeFi and the rise of NFTs. But its success has exposed its flaws. The blockchain network which is trying to migrate to a proof-of-stake (PoS) consensus algorithm has been faced with the twin evil of high gas fees and network congestion.
Layer two scaling solutions like Polygon have come to the rescue enabling users to build and confirm transactions faster and cheaper. Polygon’s price has grown over 9,000% in the last few months and trades at $2.20, according to Coingecko.
Adding to a good year, Cuban confirmed that Polygon would also be integrated into his NFT platform Lazy.com.
According to him, this will be beneficial to the platform and the NFT ecosystem.