Bitwise Initiates Polygon (MATIC) Fund for Scaling Ethereum

Bitwise Asset Management, the world’s biggest index fund supervisor for cryptocurrencies, has made headlines with the commencement of the Bitwise Polygon (MATIC) fund. The company currently holds over 1.5 billion dollars of assets under Management. Under this strategic initiative, venture capitalists will be given access to MATIC. MATIC is the original cryptocurrency asset of the Polygon network. The exposure will be made through an investment medium managed by experts. 

According to Matt Hougan, the Chief Investment Executive at Bitwise Asset Management, Ethereum’s inability to handle large-scale traffic on Decentralized Finance and Non-Fungible Tokens has caused the excitement around cryptocurrency and blockchain to die out gradually. Program developers and crypto enthusiasts have been looking for alternative blockchain platforms with better scalability than Ethereum, but Polygon can truly boost and accelerate Ethereum’s performance with its innovative complementary solution. No wonder it has caught the attention of potential investors who want to know more about it. Investors can access a larger number of amenities and offers in the cryptocurrency sector with the initiation of the Bitwise Polygon Fund, 

What benefits can venture capitalists exactly gain from Polygon hub? Developers can formulate apps on the platform and strands of blockchains which will connect with Ethereum. Investors will be able to utilize the full benefits of Ethereum and avoid drawbacks like high transaction traffic leading to delays in processing, and deadlocks. That is, Non-fungible token transfers which cost 20 dollars processing fee in Ethereum will take only 0.01 dollars on Polygon. As a result, Polygon has already witnessed a remarkable market- over 1000 apps have been built on this platform, among which the stellar ones are the market leaders- OpenSea and Aave. Both of these apps specialize in Decentralised Finance and NFTs. Such performance has also been reflected in Polygon’s market share, which rose to 8 billion dollars on October 13.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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