**Polymarket Plans to Raise $50M, Issue Its Own Token**

- Blockchain prediction platform Polymarket is in talks to raise $50 million in funding, according to The Information on September 23.

- The New York-based company is also considering issuing its own token to power its betting market.

- Polymarket uses Polygon’s layer-2 blockchain technology and UMA Protocol’s oracle services.

- The platform is popular for betting on the US presidential election, with nearly $1 billion in betting volume.

- Polymarket has previously raised $70 million, including $45 million from Peter Thiel’s Founders Fund.

- US regulators have expressed concerns about the platform, especially regarding election betting.

- Trading volume reached $472 million in August, and $400 million in September.

- Cryptocurrency funding totaled $634 million in August, up 130% from August 2023.