In 2017, three software engineers decided to build a well-structured, easy-to-use platform for Ethereum scaling and infrastructure development – a solution that was forward-thinking and ahead of its time.
Jaynti Kanani, Sandeep Nailwal and Anurag Arjun realised Ethereum, the decentralised, open-source blockchain with smart contract functionality, was dealing with scalability issues and high gas fees (transaction fees).
After working on a proof of concept, the trio launched Matic Network in Bengaluru and set out to improve the infrastructure for Ethereum, whose native cryptocurrency Ether (ETH) is the second-largest cryptocurrency by market capitalisation.
In a video interview with YourStory Founder and CEO Shradha Sharma, the startup’s co-founder and CEO Jaynti Kanan says:
“When CryptoKitties, a blockchain game on Ethereum, became popular, it jammed the network. So for us, it became a question of solving this problem. We knew blockchain technology was still in its early stages, and so we weren’t looking to onboard millions of users in a short span of time. Rather, we just wanted to be a top blockchain project in terms of usage.”
The startup was bootstrapped with funds from friends and family, and later went on to raise $5 million from Binance in an initial exchange offering that saw the founders sell a portion of the MATIC tokens they held.
On the back of a market-wide bull run and outperforming most other coins during the recent