Key points
- Polymarket is in talks for over $50 million in funding tied to a potential token launch.
- The platform has attracted nearly $1 billion in bets on the US presidential election.
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Polymarket is reportedly in talks to raise over $50 million in new funding, which is likely tied to a potential token launch, first reported by The Information.
The blockchain-based prediction market has gained popularity as a platform for betting on high-profile events such as the US election, federal rate cuts, the Super Bowl, and most importantly, recentlywhether FTX's Caroline Ellison will be sentenced to prison.
Polymarket allows users to bet on the outcomes of a wide variety of scenarios, from political elections to pop culture phenomena, all powered by blockchain technology.
Polymarket is also considering launching a token worth more than $50 million to help operate its crypto betting platform, according to The Information, citing anonymous sources.
As noted in the report, investors in the round will receive token warrants, which grant them the right to purchase tokens if Polymarket launches them at a later date. Sources also suggested that these tokens could be used to validate the outcome of real-world events. However, no final decision has been made on the token launch and there is no guarantee that it will happen.
In addition to these token launch plans, Polymarket raised $45 million in a Series B funding round earlier this year, led by Peter Thiel’s Founders Fund, with participation from 1confirmation, ParaFi, and Ethereum co-founder Vitalik Buterin, among others.
Polymarket has attracted almost $1 billion in bets on who will win the upcoming US presidential election, further cementing its place as a key player in the decentralized predictions market. According to the platform, Vice President and Democratic candidate Kamala Harris currently leads the betting pack with an estimated 50% chance of winning.
Polymarket’s unique approach to prediction markets has quickly attracted both the cryptocurrency community and traditional investors. Founded in 2020 by CEO Shayne Coplan, the platform allows users to buy and sell stocks using crypto tokens to bet on future events.
However, Recent Comments CFTC Chairman Rostin Behnam expressed concern about offshore platforms serving US clients. He stressed the need for Polymarket and other firms to operate legally and within regulatory boundaries. These comments may draw the CFTC’s attention to the potential launch of Polymarket’s token, which will increase regulatory scrutiny.
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