According to sources cited by The Information, decentralized prediction market platform Polymarket is considering issuing tokens to raise over $50 million in new funding to support its operations.
According to insiders, investors participating in this funding round will receive token warrants, which grant them the right to purchase tokens when Polymarket issues them in the future. One source suggested that Polymarket may use these tokens as a means of verifying real-world event outcomes by users.
It is reported that Polymarket has not yet made a decision on token issuance and cannot guarantee that it will definitely be issued.
In May of this year, Polymarket completed a $45 million Series B funding round led by Founders Fund, a venture capital firm co-founded by Peter Thiel. Other participants included 1confirmation, ParaFi, Dragonfly, Ethereum co-founder Vitalik Buterin, and Eventbrite co-founder Kevin Hartz.
Polymarket was founded by CEO Shayne Coplan in 2020 and has become a prominent topic in the cryptocurrency field over the past year. The platform allows people to buy and sell shares using crypto tokens, betting on the likelihood of future events.
Related reports: “Biden Drops Out Bloodbath in Polymarket Prediction Market! Trader Loses $2 Million Betting on Biden Victory” and “Snoop Dogg Announces Quitting Smoking! Polymarket Opens Betting Pool on Whether He Will Keep His Promise”.
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