Quick take: 

  • Ethereum co-founder Vitalik Buterin, 1confirmation, ParaFi and Dragonfly Capital also joined the round.

  • Polymarket has also hired Richard Jaycobs the former president of the Cantor Exchange as its head of market expansion.

  • Polymarket allows traders to bet on verifiable outcomes of real-world events like the upcoming U.S. Presidential Election.

Polymarket, a blockchain-based prediction market for real-world events has completed a $45 million Series B round led by Peter Thiel’s Founders Fund. The fundraising also attracted participation from Ethereum co-founder Vitalik Buterin, 1confirmation, ParaFi and Dragonfly Capital also joined the round.

The fundraising brings the total raised to more than $70 million according to CoinDesk. Polymarket CEO Shayne Coplan told the crypto publisher platform that the latest round follows an undisclosed $25 million Series A round led by General Catalyst. The company also raised a $4 million seed round announced in 2020.

The company has also tapped Richard Jaycobs, the former president of the Cantor Exchange as its head of market expansion. 

Polymarket, which is banned in the US boasts the largest share of the prediction market. The industry allows traders to bet on real-world events like sports competitions, celebrity engagements and even political events, with the latter having since been prohibited for U.S.-based companies. 

Polymarket seems to be riding the build-up to the U.S. election with U.S.-authorised practitioners Kalshi and PredictIt prevented from offering bets based on political events. 

Those placing bets on the potential winner of the 2024 U.S. presidential election on the platform already have Trump at 49% allowed by Biden at 44%. This event has already attracted more than $125 million in bets based on data from the platform’s website.

Other notable markets on the platorm celebrity bets on Drake and Kendrick’s chances of dropping their next tracks by Friday, as well as, the number of Tweets by Elon Musk between May 10 and May 17, among others.

Traders can also vote on the chances of Ethereum ETFs being approved by May 31 and notable Airdrops by June 30.

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The post Peter Thiel’s Founders Fund Leads $45M Series B for Polymarket appeared first on NFTgators .