March 27, 2024
Mark Cuban Shifts $2.5 Million in MATIC from Polygon to Coinbase
Latest Cryptocurrency News

Mark Cuban Shifts $2.5 Million in MATIC from Polygon to Coinbase

American tycoon Mark Cuban has shifted over $2.5 million worth of MATIC, received from Polygon in 2021, to Coinbase. The move involves the transfer of nearly 3 million MATIC, originally acquired through the Polygon Ecosystem Growth initiative. Blockchain monitoring platform Spot On Chain reported this development.

Although the purpose behind the transfer remains unclear, Cuban’s initial investment valued the assets at $4.25 million in May 2021. If sold at the current market price, this would represent a potential 40% loss compared to two years ago. As of the latest update, Mark Cuban has not made any public statements regarding this transaction.

Mark Cuban, renowned as the former majority owner of the Dallas Mavericks NBA team (now a minority owner), expressed support for Polygon in May 2021, citing increased usage of the layer-2 solution. However, specific details regarding the size and composition of his investments in Polygon have not been disclosed.

This recent move follows a statement by Polygon founder Mihailo Bjelic, who, in a recent post, indicated that “for all practical purposes, Polygon can (again) be considered an underdog.” As of the current update, MATIC is trading at $0.86, reflecting a 70% decrease from levels observed in December 2021.

Image by flickr

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