Crypto-based prediction market platform Polymarket is reportedly seeking $50 million in fresh funding as it capitalizes on the surge in US election betting activity. The New York-based startup is also considering issuing its own token to give users a way to validate real-world event outcomes.
Riding high on U.S. election betting fever, crypto-based prediction market platform Polymarket is seeking $50 million in fresh funding, according to anThe New York-based startup is also considering issuing its own token, according to the article, which cited unnamed sources. Investors in the proposed round would receive warrants entitling them to buy the tokens should Polymarket go ahead with the issuance plan, the Information said.
It was not immediately clear whether this would be a supplement, alternative, or replacement for UMA Protocol, the"oracle" service Polymarket uses to resolve markets and adjudicate disputes via community votes. The Information did not mention UMA, and its token wasit had raised a combined $70 million over two rounds, one for $25 million and a $45 million Series B led by billionaire Peter Thiel's Founders Found.
Polymarket is one of this year's breakout success stories, both for the long-obscure niche of prediction markets and for crypto itself. Bets made through the site are programmed into smart contracts on the Polygon blockchain and settled in USDC, a token that trades 1:1 for dollars.
Polymarket Prediction Market Cryptocurrency Funding US Election
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