According to "The Block" report, the decentralized prediction market platform Polymarket completed a $45 million Series B round of financing, led by Founders Fund, a venture capital firm co-founded by Peter Thiel. Other investors include 1confirmation, ParaFi, Dragonfly, Ethereum Vitalik Buterin, co-founder of Ethereum, and Kevin Hartz, co-founder of Eventbrite.
The company behind Polymarket also confirmed a previously unannounced $25 million Series A round led by General Catalyst, with participation from Airbnb’s Joe Gebbia and Polychain, among others.
Polymarket leverages the Ethereum blockchain and smart contracts to enable users to speculate on the outcomes of various real-world events in a transparent and trustless manner using stablecoins. Founders Fund partner Joey Krug said in a statement:
“Polymarket finally delivers on the vision of prediction markets – an opportunity we’ve been passionate about for years. Within Founders Fund, we’ve made a habit of checking Polymarket when breaking news happens, using Polymarket as a place to read social media and mainstream The real benefits of supplementing media news are clear to us, and Polymarket is the winner in this market.”
Despite the U.S. Commodity Futures Trading Commission’s (CFTC) proposal on Friday (10th) to crack down on so-called event contracts, which are derivatives bets on political contests and sports events, Polymarket gained new invest. Polymarket reached a $1.4 million settlement with the CFTC in 2022, agreeing to shut down its Polymarket.com front-end website service in the United States.
Polymarket CEO Shayne Coplan claimed that approximately $202 million worth of forecasts have been made through Polymarket so far in 2024. According to its website, more than $125 million has been bet on the outcome of the 2024 U.S. presidential election alone.
Related reports: "Snoop Dogg announces he's quitting smoking!" Polymarket opens bets on whether he keeps his word》
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