A global prediction market platform has raised $70 million in funding from leading investors as the 2024 US presidential election approaches.
According to a new one press releasePeter Thiel’s Founder’s Fund, Ethereum (ETH) founder Vitalik Buterin and others have invested $70 million in gambling platform Polymarket.
Founders Fund led the $45 million Series B fundraising, along with other high-profile investors such as Dragonfly and ParaFi.
Polymarket allows users to bet on the outcomes of virtually any event, ranging from pop culture to sports to politics. However, trading on Polymarket is currently limited in the United States.
Regardless, the platform has attracted $125,328,749 in bets on the upcoming US presidential election so far. The two most popular bets are Donald Trump and Joe Biden, with Trump currently holding a 5% lead.
Says 25-year-old Polymarket founder Shayne Coplan:
“I started Polymarket because I believe that market-based forecasting will inevitably become an integral part of the way we follow news and find the truth on the Internet.
It was humbling to see that vision begin to become a reality on a grand scale – with so many people relying on Polymarket to follow important current events.”
While Polymarket has faced pressure from regulators like the Commodity Futures Trading Commission (CFTC), the platform has also hired former CFTC head J. Christopher Giancarlo as chairman of its advisory board.
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Featured image: Shutterstock/d1sk/Natalia Siiatovskaia