Vitalik Buterin, Peter Thiel’s Founders Fund, and other investors contribute $45 million to Polymarket

  • In two fundraising rounds totaling $70 million, Polymarket’s most recent one was spearheaded by Founders Fund, Peter Thiel’s venture capital company.
  • Among the supporters of the decentralized prediction market platform is Vitalik Buterin, co-founder of Ethereum.

In addition to current investors 1confirmation and ParaFi, as well as co-founders of Ethereum, Dragonfly, and Eventbrite, Kevin Hartz, and Vitalik Buterin, Polymarket has raised a $45 million Series B fundraising round.

With the help of smart contracts and the Ethereum blockchain, Polymarket is a decentralized prediction market platform that enables people to make transparent and untrustworthy predictions about the results of various real-world events using stablecoins.

Founders Fund Partner Joey Krug said in a statement, “Polymarket has finally brought the prediction market vision to reality—an opportunity that we have been passionate about for years.” 

When there is breaking news, we at Founders Fund have made it a routine to check Polymarket internally. It was clear that adopting Polymarket as an addition to traditional media and social media for news consumption had real benefits. We were able to determine that Polymarket had won this market.

The company behind the predictions market platform also said that it has raised $25 million in a Series A round led by General Catalyst, in which Joe Gebbia of Airbnb and Polychain are among the investors.

The new investment is made in spite of a request made on Friday by the Commodities Futures Trading Commission to tighten regulations on “event contracts,” which allow derivatives wagering on sports and political events. Polymarket previously agreed to wind down its front-end website services in the United States as part of a $1.4 million settlement with the CFTC in 2022.

About $202 million worth of forecasts for 2024, according to Polymarket, have been made thus far on the site. On its website, it states that bets totaling more than $125 million have been placed on the result of the US election alone. On the platform, Donald Trump currently has a 49% vs 44% advantage over Joe Biden.

Additionally, Polymarket announced on Tuesday that Richard Jaycobs, a seasoned leader in the futures sector, has joined the company as Head of Market Expansion. The task of investigating the possibility of U.S.-regulated operations will go to Jaycobs.

As Polymarket moves into its next stage of expansion, I’m thrilled to partner with it, Jaycobs stated. Throughout my thirty-year career, I have assisted in the registration and management of more than a dozen cutting-edge clearinghouses and exchanges for financial derivatives.

For commercial interests, regulated markets play a significant economic function, and they provide remarkable transparency for public policy makers. The unheard-of worldwide volume of Polymarket indicates how important their markets are to the general people.

It was reported today that Jaycobs will collaborate closely with J. Christopher Giancarlo, better known as “CryptoDad,” the former chairman of the CFTC who is presently the chair of Polymarket’s advisory board and has a seat on the board of directors of stablecoin issuer Paxos.

I have observed the expansion and development of Polymarket’s staff, business, and products for the past three years. They have proven that they are dedicated to creating a robust and long-lasting company, stated Giancarlo.

This funding places Polymarket in a fantastic position to build on and extend its global success and product leadership as the factors in this market continue to change.

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.

Author: Puskar Pande

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