Polymarket seeks $50 million in new funding, plans to issue token: report

In keeping with a report by know-how media The Info on September 23, citing “individuals aware of the matter”, the blockchain prediction platform is negotiating to lift US$50 million in funding.

The New York-based firm can also be contemplating issuing its personal tokens to function its playing market, and potential buyers within the funding spherical can be given warrants to buy the tokens, in response to the corporate. Report.

Polymarket will use the token “as a manner for customers to confirm the outcomes of real-world occasions.” It added that if it goes forward, will probably be probably the most “spectacular token debuts” for the reason that 2022 bear market.

Complete market development surges

Polymarket beforehand raised $70 million in two funding rounds, together with a $45 million Sequence B led by Peter Thiel Founders Fund.

The platform is especially well-liked in america presidential election betthe funding on this occasion was almost US$1 billion, accounting for 85% of its complete quantity. It has additionally been used to wager on Taylor Swift’s engagement prospects and Tremendous Bowl victory.

Kamala Harris’ lead has dropped to three%.

There are 43 days till the election. pic.twitter.com/Ua6UvlAVLK

— Polymarket (@Polymarket) September 23, 2024

The platform makes use of Polygon’s layer 2 blockchain know-how and UMA Protocol’s oracle companies, and settles bets within the USDC stablecoin. Nevertheless, as a result of regulatory restrictions, Polymarket blocks US IP addresses, though some customers reportedly use VPNs to bypass this.

Nevertheless, U.S. regulators aren’t proud of the platform. CFTC Chairman Rostin Benham beforehand warn Concerning offshore election betting platforms serving US prospects, this implies potential Regulatory action.

Polymarket has skilled important development, with month-to-month transaction quantity reaching US$472 million in August. according to Dune evaluation. September field workplace income has reached $400 million and is anticipated to interrupt that report.

Moreover, month-to-month transaction quantity has surged 774% for the reason that starting of the yr. The variety of month-to-month energetic merchants on the platform peaked at 64,524 in September.

Cryptocurrency funding will increase

according to For DeFiLlama, cryptocurrency funding in August was $634 million. It is a 130% improve from the identical month in 2023.

Nevertheless, cryptocurrency enterprise capital continues to be down from its peak in late 2021, when greater than $3 billion was invested in blockchain startups each month.

Among the many bigger financings this month, two are DeFi “tremendous utility” LogX (elevating US$4 million) and cross-chain liquidity platform Prime Protocol (elevating US$1.25 million).