Chiara Bianchi
Polymarket is reportedly exploring a potential token launch valued at over $50 million to support the operation of its crypto-based betting platform, according to a report from The Information, citing anonymous sources.
The report mentioned that investors participating in this round would receive token warrants, granting them the option to purchase tokens if Polymarket decides to issue them in the future. One source suggested that the platform might use these tokens to verify the outcomes of real-world events. However, no final decision has been made regarding the token launch, and there is no certainty that it will happen.
Earlier this year, in May, Polymarket raised $45 million in a Series B funding round led by Peter Thiel’s Founders Fund, with backing from existing investors such as 1confirmation and ParaFi. The round also included notable participants like Ethereum co-founder Vitalik Buterin, Dragonfly, and Eventbrite co-founder Kevin Hartz.
Polymarket, a decentralized prediction platform, has gained significant attention, with nearly $1 billion in wagers placed on the outcome of the upcoming U.S. presidential election. According to current odds on the platform, Vice President and Democratic candidate Kamala Harris holds a 50% chance of winning.
Founded in 2020 by CEO Shayne Coplan, Polymarket has become a prominent player in the crypto space over the past year. The platform allows users to bet on the likelihood of various future events by buying and selling shares with crypto tokens.
