Coinbase Ventures Invests In Blockchain Scaling Startup Matic Network
Blockchain scaling development platform Matic Network has received an undisclosed investment from Coinbase Ventures, the venture arm of crypto exchange Coinbase.
Matic Network 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. the company strives to solve the scalability and usability issues while not compromising on decentralization and leveraging the existing developer community and ecosystem. Matic Networ is an off/side chain scaling solution for existing platforms to provide scalability and superior user experience to DApps/user functionalities.
The investment from Coinbase Ventures is aligned with Matic Network’s goals to achieve adoption through better usability alongside scalability and will help us realize our vision to achieve scale for decentralized applications.
“Coinbase is one of the best and most trusted exchange platform for crypto in the world,” Matic said. “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.”
Matic further said that it is planning to 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,” Matic said.