Blockchain scaling startup Matic Network secures investment from Coinbase Ventures

Blockchain scaling startup Matic Network secures investment from Coinbase Ventures

Coinbase Ventures, the venture arm of Coinbase cryptocurrency exchange, has made an investment in Matic Network.

The announcement comes on the heels of the sale of Matic Network (MATIC) tokens conducted on Binance Launchpad, the exclusive token launch platform of Binance. It marked the fourth token sale of Binance Launchpad this year and the first token sale under new lottery rules.

In an online post, Matic Network explains that it is “a Layer 2 scaling solution that achieves scale by utilizing sidechains for off-chain computation while ensuring asset security using the Plasma framework and a decentralized network of Proof-of-Stake (PoS) validators.”

It is an ​off/side chain scaling solution for existing platforms to provide scalability and improved user experience to decentralized applications (DApps)/user functionalities.

Commenting on the recent investment from Coinbase Ventures, Matic said, “This investment is aligned with our goals to achieve adoption through better usability alongside scalability and will help us realize our vision to achieve scale for decentralized applications.”

In a blog post dated April 30, Matic explained:

“Coinbase wallet will help Matic’s decentralized-app interact with Matic Network easily and securely. It will help users move their assets from Ethereum to Matic. Once the user’s assets are on Matic, they will be able to transfer and trade them on Coinbase Wallet instantly. Users can use DApps built on Matic directly on Coinbase Wallet’s browser or can use WalletConnect to access them through Matic Wallet.”

Furthermore, Matic said that it will integrate USD Coin (USDC) alongside other stablecoins like DAI to provide stable payment rails on top of Matic Network.

“These integrations will make Matic a dominant platform for the masses and make DApps ubiquitous,” it concluded.

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