Polymarket Reportedly Seeks $50M in Funding, Mulls Token as Election Bets Surge
Summary
Polymarket is seeking $50 million in funding amid increased interest in U.S. election betting. The New York-based prediction market platform is considering issuing its own token, which would allow users to validate real-world event outcomes. Investors in the funding round may receive warrants for the tokens. Polymarket has raised $70 million previously and reported a monthly trading volume of $472 million in August, with nearly $1 billion wagered on the U.S. presidential election. The platform operates on the Polygon blockchain and settles bets in USDC. U.S. users are blocked due to regulatory issues, but some bypass this using VPNs. CFTC Chairman Rostin Benham is monitoring offshore platforms like Polymarket for compliance with U.S. laws.
