Bengaluru-based Polygon is now among top 15 cryptos globally

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Joining the league of big players like Bitcoin and Ethereum, a new age Indian cryptocurrency has joined the bandwagon and is now among the top 15 virtual tokens globally. Matic, which is now known as Polygon, has given a return of around 12,950% since the beginning of this year and has a market cap of $14 billion, currently.

What is Polygon? Polygon, formerly known as Matic Network, was founded by Sandeep Nailwal, Jaynti Kanani and Anurag Arjun. The project aims to resolve the problems around scalability on many blockchains for the promotion of mass adoption of cryptocurrencies. Its website states that Polygon has a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It is known as Ethereum’s Internet of Blockchains. The company is backed by Binance and Coinbase.

Rahul Pagidipati, CEO of ZebPay earlier told Money 9, “If I had to pick one other Bitcoin, Ethereum, and beyond that, I think I can tell you Matic has done really well…probably better than Dogecoin. It is an Indian project and now called Polygon but the actual coins are called Matic. The founders of Matic created a billion dollars in value. It’s made in India and this is the type of stuff that we want the Indian government to allow.”

Sandeep Nailwal, co-founder of Polygon, announced on 24 April about creating a Covid Relief Fund. “Can’t take this sitting down anymore, I am going to run a Covid relief campaign in lieu of what’s going on in India,” Nailwal tweeted.

Nailwal, however, acknowledged there could be some regulatory hurdles. “I already got a few people pinging me that there will be regulatory hurdles, it’s not easy to give money, even for social causes…Whatever happens, we will handle it, let’s not let it stop us from doing what is right.”

Recently Ethereum (ETH) co-founder and the world’s youngest cryptocurrency billionaire Vitalik Buterin reportedly donated 50 trillion Shiba Inu (SHIB) tokens worth $1.14 billion to India Covid Relief Fund set up by Polygon founder Sandeep Nailwal as the country grapples with the second wave of the pandemic.