Polymarket, a decentralized prediction market platform on the Polygon blockchain, is currently trying to raise up to $200 million in new venture funding. If it is indeed successful, this would hoist its valuation to a staggering $1 billion. The decentralized prediction market platform lets anyone buy and sell “yes” or “no” shares on the outcomes of all sorts of real-life events. It’s catching fire like nothing else—even more so with the approach of the 2024 U.S. presidential election.
Polymarket provides a marketplace where individuals can buy and sell shares, effectively placing bets on the likelihood of future events. These occurrences include everything from elections and sporting results to news in the broader crypto ecosystem. The platform allows users to earn $USDC.
This potential funding round comes on the heels of a similar regulatory backlash. This February, the U.S. Commodity Futures Trading Commission (CFTC) brought action against Polymarket. They slapped a huge $1.4 million civil penalty for providing unregistered binary options contracts. Under the terms of the settlement, Polymarket agreed to close markets that were unlawful under CFTC regulations.
Polymarket’s most recent funding round that we’re aware of is from early 2022, when it raised $4 million at a $44 million valuation. That round drew a huge vote of confidence from big name investors. Among them was Peter Thiel’s Founders Fund, Ethereum Co-Founder Vitalik Buterin, and former Coinbase CTO Balaji Srinivasan. The current funding effort and increased media attention reflect the platform's growth and appeal to prominent investors in the crypto and tech world.
Users looking for help on how to use the new platform can find a step-by-step tutorial pinned to the top of Polymarket’s Twitter feed.
