- The Information, citing unidentified sources, claims that Polymarket is thinking of launching a token offering for more than $50 million to facilitate the operation of its cryptocurrency betting platform.
According to the story, which cited sources, “investors in the round will receive token warrants, which grant them the right to purchase tokens if Polymarket launches them at a later date.” The prediction site may let users to verify the results of actual events by using the tokens. But this is an unconfirmed report.
There have been about $1 billion in bets on the decentralized prediction site Polymarket on the outcome of the next US presidential election. As of right now, the platform indicates that the Democratic nominee for vice president, Kamala Harris, has an estimated 50% probability of winning.
CEO Shayne Coplan created Polymarket in 2020. In the last year, the platform has become a fascinating story in the cryptocurrency world. On the site, users may trade cryptocurrency tokens for shares and purchase and sell them to speculate on the possibility of future events happening.
In a Series B fundraising round led by Peter Thiel’s Founders Fund and included current investors 1confirmation and ParaFi, Polymarket raised $45 million in May. Other participants included Dragonfly, co-founder of Eventbrite Kevin Hartz, and co-founder of Ethereum Vitalik Buterin.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
