A betting platform called Polymarket has recently secured $70 million in funding from a group of prominent investors, as anticipation builds for the 2024 US Presidential Election. The funding was led by Peter Thiel’s Founder’s Fund, with participation from Vitalik Buterin, the founder of Ethereum (ETH), and others. Notable investors such as Dragonfly and ParaFi also joined the Series B funding round, which raised a total of $45 million.
Polymarket offers users the opportunity to place bets on a wide range of events, including pop culture, sports, and politics. However, the platform currently has restrictions in place that prevent users from trading in the United States. Despite this limitation, Polymarket has already attracted a staggering $125,328,749 in bets related to the upcoming US Presidential Election. The most popular bets so far are on Donald Trump and Joe Biden, with Trump currently holding a 5% advantage.
Shayne Coplan, the 25-year-old founder of Polymarket, stated that his vision for the platform was to make market-based forecasts an essential part of how people consume news and seek truth on the internet. He expressed his gratitude for seeing this vision come to fruition, as Polymarket has become a trusted source for people following important current events.
Although Polymarket has faced regulatory scrutiny from the Commodity Futures Trading Commission (CFTC), the platform has taken steps to address this by appointing J. Christopher Giancarlo, the former head of the CFTC, as the chairman of its advisory board.
As Polymarket continues to grow and attract attention, it remains important for investors to conduct thorough research and exercise caution when engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl, where this article was originally published, does not offer investment advice and is not an investment advisor.
