**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.