The leading blockchain-based predictions market platform Polymarket is said to be considering raising $50 million in fresh capital, and a potential token launch.
The leading blockchain-based predictions market platform Polymarket is said to be considering raising $50 million in fresh capital, and a potential token launch.
According to the report, token warrants will be given to the investors of the round, entitling them with the right to purchase tokens in case Polymarket decides to launch one.
This latest funding initiative comes hot on the heels of Polymarket's successful capital raises earlier in the year. It secured $25 million in a Series A round led by General Catalyst. Later, it went on to secure an additional $45 million in a Series B funding round, in which Ethereum co-founder Vitalik Buterin participated.
Polymarket has surged in popularity, seemingly due to the buzz surrounding the upcoming U.S. presidential election. It has seen almost a billion dollars in trade volume while people guess who will win the White House race.
Built on both the Ethereum and Polygon blockchain networks, Polymarket facilitates the buying and selling of shares of possible outcomes about real events. Share prices range from $0.00 to $1, with the price reflecting the percentage chance or odds of a particular outcome occurring.
Polymarket also offers markets in the areas of pop culture, sports, and all other forms of political events. The platform has lately seen a surge in its popularity as total volumes traded in the website reached $472.8 million last month alone.
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