CandleFocus Polymarket Reportedly Seeks $50M in Funding, Mulls Token as Election Bets Surge
2024-09-24
Author: Content Editor
Polymarket, a crypto-based prediction market platform, is seeking $50 million in funding and considering issuing its own token, according to sources. Investors in the funding round would receive warrants to buy the tokens if Polymarket goes ahead with the plan. The potential token would be used to validate the outcome of real-world events on the platform. Polymarket, which uses UMA Protocol to resolve markets, had a breakout year with monthly trading volumes reaching an all-time high of $472 million in August. The platform is most popular for betting on the outcomes of the US presidential election. However, the company faces regulatory restrictions in the US and blocks users with US IP addresses.
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