According to The Block, decentralized prediction market platform Polymarket has completed a Series B funding round of $45 million. The round was led by Founders Fund, a venture capital firm co-founded by Peter Thiel. Other participants include 1confirmation, ParaFi, Dragonfly, Ethereum co-founder Vitalik Buterin, and Eventbrite co-founder Kevin Hartz.
The company behind Polymarket also confirmed a previously undisclosed Series A funding of $25 million, which was led by General Catalyst. Participants in this round included Joe Gebbia from Airbnb and Polychain.
Polymarket enables users to speculate on the outcomes of various real-world events in a transparent and trustless manner using the Ethereum blockchain and smart contracts. Joey Krug, a partner at Founders Fund, stated in a statement:
“Despite the Commodity Futures Trading Commission’s (CFTC) proposal last Friday to crack down on so-called event contracts, which involve betting on political competitions and sporting events, Polymarket has still received new investments.” Polymarket had previously reached a $1.4 million settlement agreement with the CFTC in 2022 and agreed to shut down its front-end website service in the United States, Polymarket.com.
Shayne Coplan, CEO of Polymarket, claimed that since 2024, predictions worth approximately $202 million have been made through Polymarket. According to their website, bets on the 2024 US presidential election alone exceeded $125 million.
Related report: “Snoop Dogg Announces Quitting Smoking! Polymarket Opens Betting on Whether He Will Keep His Promise.”
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