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Indian blockchain firm Polygon looks to save crypto-universe’s network woes

Crypto-currencies have gained mainstream acceptance across the world in the wake of the COVID-19 pandemic. But due to infrastructure issues, the crypto-universe continues to under-perform as transaction costs remain high. Polygon, formerly called Matic Network, a Bengaluru-based blockchain development company is trying to solve these network issues for all participants in the crypto-universe. Last week, San Francisco-based crypto-exchange Coinbase announced that it would list Polygon's token 'MATIC' on its platform and would support trading in MATIC to USD, MATIC to Bitcoin, MATIC to Euro and MATIC to Sterling Pound transactions. Within 48 hours of listing, MATIC's price grew by 60% after receiving an overwhelming response from individual investors and crypto-firms. Prior to the Coinbase listing, MATIC has been trading on Binance since 2019. Both Coinbase and Binance were early investors in Matic Network which was founded in 2017, said Arjun Kalsy, vice president of Growth at Polygon. "We liked Ethereum because it was widely adopted among developers. But we found that it had scalability issues and that is how the conversation started. We realised that if we do not find ways to scale the Ethereum network, blockchain will amount to nothing. While Ethereum processes 7 to 15 transactions per second, our network is scalable to 20,000 TPS and beyond. The aim is to give the user the same experience on a blockchain as they do on Web 2.0 environment, if not then the utility of the blockchain and its adoption suffers"— Arjun Kalsy, vice president of Growth at Polygon. (emphasis…

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