Polymarket is reportedly in talks to raise more than $50 million in new funding, which would likely be tied to a potential token launch, The Information reported.
Polymarket's blockchain-based prediction markets have become a popular platform for betting on high-profile events such as the U. S. election, federal interest rate cuts, the Super Bowl and, most recently, whether FTX's Caroline Ellison will be sentenced to prison.
Polymarket allows users to bet on the outcome of events ranging from political elections to pop culture events.
Polymarket is also considering issuing more than $50 million worth of tokens to run its crypto betting platform, The Information reports, citing anonymous sources.
According to the report, investors in the round will receive #token warrants that will give them the right to buy the tokens if Polymarket subsequently launches. Sources also suggest that the tokens could be used to test the outcome of real-world events. However, the final decision to launch the tokens has not yet been made, and there is no guarantee that they will launch.
In addition to these plans to launch the tokens, Polymarket earlier this year raised $45 million in a Series B funding round led by the Peter Thiel Founders Fund, which also included participation from 1confirmation, ParaFi, #Ethereum co-founder Vitalik Buterin and others. Buterin and others.
Polymarket further cemented its position as a significant player in the decentralized prediction market by raising nearly $1 billion in a bet on who will #win the next U. S. presidential election. According to the platform, vice presidential candidate and Democrat Kamala Harris currently leads the betting pool with 50% odds.
Polymarket's unique approach to the prediction market has quickly caught the attention of the #cryptocurrency community and major investors. Founded in 2020 by CEO Shane Coplan, the platform allows users to buy and sell stocks using cryptocurrency tokens while betting on future events.
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