A pre-seed round has been successfully closed, according to Limitless Labs, the R&D network behind the prediction market Limitless. In a round headed by well-known venture capital company 1confirmation, $3 million was raised in total.
1confirmation is backed by seasoned tech investors like Mark Cuban, Marc Andreessen, and Peter Thiel, and it has extensive expertise in prediction markets. The round also included participation from other well-known investors including Public Works, Collider, and Paper Ventures.
The conclusion of the pre-seed funding coincides with the quick expansion of Limitless’ prediction market platform. The market is already executing more than $200k in transactions per day, thanks to an 800% spike in volume over the previous week. Approximately half of Limitless’ monthly active traders use the platform daily.
The funds from the 1confirmation-led round will be used to provide new features and products, such as an innovative decentralized social network, and to expedite the development of the Limitless platform. Users will be able to establish and take part in their own prediction markets as well as build their reputations thanks to this.
Commenting on the pre-seed round, 1confirmation Founder and General Partner Nick Tomaino said:
“I believe prediction markets will see trillions of volume in coming years and love what Limitless is doing on Base.”
With hundreds of millions of dollars being traded on the result of the US Presidential Election, prediction markets are having a breakthrough year. Significant demand has also been noted by Limitless for its daily stock and cryptocurrency markets, which function similarly to conventional finance’s 0DTE (zero days to expiry) options.
Intense trading sessions following events like Pavel Durov’s imprisonment, the creator of Telegram, and the future of X in Brazil have also been enjoyed by the Limitless community. These markets have proved appealing to consumers who do not want to lock up funds for a long time since they resolve on considerably shorter time horizons than traditional prediction markets.
Limitless is a platform that sits between prediction markets and SocialFi, which are social platforms that let content producers monetise their fans in new and creative ways. It is anticipated that the ability for users to establish their own markets on Limitless and earn trading fees would lead to a proliferation of well-liked new market categories.
