Polygon An Indian Made Crypto Coin, Among Top 20 Globally
- ByStartupStory | May 19, 2021
Polygon, an Indian made crypto coin, is among the top 20 crypto tokens globally, according to Coinmarketcap.com. Polygon, an Indian made Crypto coin, breached $10 billion in market capitalisation last week and at $13 billion currently.
Co-founder, Sandeep Nailwal said in regard to Polygon, an Indian made crypto coin,
“Growth has been significant. Some part of it is speculation, as with any cryptocurrency, but we have also expanded our vision and scope of work,”
Polygon, an Indian made crypto coin has seen its market cap surge ten-fold since February, owing to increased adoption of its blockchain by players in gaming, non-fungible tokens (NFTs), and DeFi (decentralised finance).
In April, Polygon, an Indian made crypto coin partnered with Infosys Ltd consulting arm to include NFTs, DeFi and insurance in its ecosystem.
The Indian blockchain startup space is still nascent compared to ones in the United States, Europe and China in a space dominated by Western players. In 2019, Polygon’s token was distributed through Binance’s Initial Exchange Offering and the startup raised over $5 million. However, regulatory uncertainty in India, including speculation about a likely blanket ban on cryptocurrencies, has made it hard for the blockchain industry to grow and left investors wary about India.
Between January and May, the number of applications built on Polygon, an Indian made crypto coin which is based on the Ethereum blockchain, rose eight times to almost 400.
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