Polymarket raised $45 million in Series B funding led by Peter Thiel’s Founders Fund. This funding round approached $75 million with support from Ethereum inventor Vitalik Buterin. The platform processed over $170 million in bets focused on the US presidential election.
Ethereum inventor and Peter Thiel Polymarket Dsupports
Polymarket is a cryptocurrency-based prediction market platform. The platform announced that it raised $45 million in its latest Series B funding round. The round was backed by Peter Thiel’s Founders Fund, Ethereum creator Vitalik Buterin, and other notable investors including 1confirmation, ParaFi, and Dragonfly Capital. This financing brings Polymarket’s total to approximately $75 million, a result of $25 million raised in Series A and $4 million raised in a seed round in 2020.
Polymarket has received numerous investments from high-profile investors. But it is now facing increasing attention from US regulator the Commodity Futures Trading Commission (CFTC). Shayne Coplan, founder and CEO of Polymarket, said that Founders Fund managed the investment round. The platform has become very active lately as the US presidential election approaches. Polymarket will use the funding to further develop and expand the platform. However, the actual amount for Polymarket in this deal is a secret.
How does Polymarket function?
The platform works by allowing users to bet on the outcomes of real-world events, from political elections to changes in regulations affecting cryptocurrencies. For example, one of the most famous contracts on Polymarket right now asks whether the SEC will approve a spot exchange-traded fund for Ethereum by the end of the month. Market estimates for this bet price this probability at 45%.
Expansion and operational strategy
Polymarket has hired Richard Jaycobs as leader of market expansion. With this move, it aims to cope with regulations and expand its market area. Jaycobs is highly experienced in traditional finance (tradfi) firms. He previously served as president of the Cantor Exchange and CEO of The Clearing Corporation.
This action by Polymarket will strengthen the operational framework of the company. It’s also a sign that it will expand its user base beyond the US market. The Polymarket platform has facilitated more than $170 million in bets, particularly on the US presidential election. This proves the platform’s ability not only to activate large numbers of users, but also to produce more reliable predictions and insights about public opinion compared to traditional survey methods. cryptokoin.comAs you follow from , Ethereum inventor Vitalik Buterin invests in projects that he sees as a future.
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