Mark Cuban adds Ethereum-based crypto platform Polygon to his investment portfolio

mark cuban

Billionaire “Shark Tank” investor Mark Cuban has added Ethereum-backed platform Polygon to his investment portfolio. Polygon, which is designed to scale tEhereum chains and develop the blockchain’s infrastructure, announced the investment on Twitter late on Tuesday.

Polygon originated from the Matic network, which created the Matic token but has since developed its scope and now describes itself as “Ethereum’s internet of blockchains”.

“Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. ” its developers wrote on Medium when announcing the expansion. It is based on Polygon SDK, a framework that effectively expands the ethereum network to include a wider variety of chain types and therefore adds functionalities to ethereum.

“Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc”, the Medium post continues. Compared to the named systems, Polygon says it offers improved security, the ability to make use of the already existing, larger ethereum network and is more open and powerful.

Matic is the 12th largest crypto coin based on market capitalization and was last up 35.2% in the 24 hours to 05:51 am E.T. at $2.27, according to Coingecko data. Matic was among the coins affected by the high levels of volatility in the cryptocurrency market over the past weeks, reaching its highest ever valuation of $2.62 on May 18, but has fallen by almost 14% since then.

The Matic network was founded in 2017 by Jaynti Kanani, Anurag Arjun and Sandeep Nailwal. Naiwal is behind the crypto based Covid-19 relief fund for India, CryptoRelief, which has collected over $1 billion worth of crypto tokens through donations from industry heavyweights like Vitalik Buterin.

By investing in Polygon, Cuban has expanded the crypto-based companies in his investment portfolio and reaffirmed his bullish stance on crypto. He has previously invested into various platforms like OpenSea, Lazy and Mintable that allow users to showcase and trade NFTs and other digital assets, as well as DeFi protocols.

Cuban has also publicly supported investing in cryptocurrencies and allows them as payment methods for tickets and merchandise of his basketball team, the Dallas Mavericks. In recent months, he has especially encouraged his followers to invest in dogecoin and has said he believes the meme crypto is a good way to learn about money.

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‘Shark Tank’ star Kevin O’Leary says decentralized finance could be the future – and plans to launch a DeFi investing company

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Kevin O’Leary.

Kevin O’Leary revealed on Anthony Pompliano’s podcast that he’s a major shareholder of a new decentralized-finance (DeFi) company, which aims to help investors profit from DeFi. The “Shark Tank” star and O’Leary Funds boss also predicted DeFi will play a key role in crypto’s future, and said he’s deeply interested in the space.

“What interests me the most right now is DeFi. I think it’s where the puck is going,” O’Leary said.

O’Leary said that DeFi enables him to wrap up crypto assets into Ethereum chains to make a profit, whereas storing capital in crypto investments does not allow that.

“There must be millions of people who have a little bit of coin who want to make some 4%, 5%, 6% on it,” was the thought that led him to ask his team to find experts on the matter, which they did in the Canadian startup DeFi Ventures.

The company is working to find a commercial solution to DeFi investing, enabling anyone who has a wallet to wrap their assets and utilise DeFi’s benefits automatically and in a compliant way.

O’Leary said he led a $20 million fundraising round for the company, which has yet to go live. “I am going to rename it to WonderFi because it is going to be my vehicle and I think it’s just the beginning of some great things to come,” said the investor, whose nickname is Mr. Wonderful.

The investor also said that bitcoin’s recent volatility has boosted his DeFi investments and driven up profits. “We’ve had tremendous volatility on bitcoin these last ten days. That actually enhances DeFi, it makes it better. I’m making way more on my contracts now,” he continued.

Higher returns are also making him consider shifting his asset allocation. While he currently still holds 5% gold and 3% crypto, this might change as gold does not provide him with returns, O’Leary said.

Talking about his start in the crypto industry, O’Leary spoke about the ESG concerns linked to cryptocurrencies and how they were raised by many of his institutional and sovereign fund clients. However, that didn’t deter him from going long on bitcoin, he said on the podcast.

At CoinDesk’s Consensus conference on Monday, O’Leary said that bitcoin needs to become more sustainable to attract institutional investors, and a more environmentally friendly way of mining the cryptocurrency could see its value rise as high as $200,000.

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