Why Binance and Coinbase betting big on Matic
In the month of April, Coinbase ventures endorsed their project, named as Matic Network. The sale of the token from Matic Network was hosted by the Binance. The native token is Matic, whose value increased by 22 percent, once the project Matic network was announced.
While in May, Matic joined the transparency initiative of Binance Info. Thus, it became one of the first startups, that was labelled as “V”. Once it was labelled as “V”, more surge was witnessed in the value of Matic. It gained around 75 percent on a particular day. This definitely triggered some lifeline in the market, which was numb until this time. However, the most significant surge came on May 21st, with a surge of more than 700 percent, which was enormous.
Now let us give you some pointers about Matic, which has already shown some good performance:
1) Matic is a startup, that is based in Mumbai, India.
2) It was founded in November 2017.
3) It was founded by an experienced team, who were looking to build scaled solutions for the end user products.
4) Matic offers an effective method to fix ETH, which is meant for decentralized applications.
As we know that ETH hasa scalability issue, because of that it can process only seven transactions in a minute. Now, this is a limitation of ETH, Matic claims that it can fix it with the help of Matic Network, that is a Layer Scalability solution.
This is the main reason why Binance, as well as Coinbase, is betting big on Matic.