2024-09-24
Polymarket is reportedly in a
discussion to raise over $50 million, through a new token launch. This
move could significantly enhance its betting platform, which has already
attracted nearly $1 billion in wagers on the upcoming US presidential election.
In May Polymarket raised $45 million in
a Series B funding round to help it expand its prediction market platform.
This Series B round was led by Peter
Thiel’s Founders Fund and included notable investors like Ethereum creator
Vitalik Buterin, 1confirmation, ParaFi, and Dragonfly Capital. This brings
Polymarket’s total funding to over $70 million.
Polymarket is a decentralized
prediction market platform built on Polygon, where users can speculate on the
outcome of future events.
It operates by allowing people to bet
on a variety of topics, such as politics, sports, finance, or global events, by
purchasing shares in different outcomes. The price of a share reflects the
market's consensus on the likelihood of that outcome happening, effectively
turning the platform into a market-driven forecasting tool.
