Polymarket Seeks $50M in Funding, Plans to Launch In-House Crypto Token
Crypto betting specialist Polymarket is reportedly seeking additional funding ahead of the US presidential election. The report further suggests that the company is considering launching its own crypto token.
Polymarket Seeks to Enhance Its Business Ahead of the Election
According to The Information, a technology news outlet, Polymarket hopes to acquire some $50 million in funding. The money would fuel the company’s ongoing growth and reinforce its business amid growing interest in crypto prediction markets and political betting.
The launch of an in-house crypto token aligns with this overall fund-raising initiative. The token, according to The Information’s report, will be first offered to participants in the next funding round.
Polymarket, for context, leverages the YMA protocol oracle to program wagers as blockchain-based contracts. Bets are currently settled in USDC stablecoin, although the planned proprietary token could potentially replace it.
As mentioned, Polymarket’s search for money has been prompted by a growing interest in its products. Political prediction markets have proven to resonate with millions of Americans, causing audiences to stake almost a billion dollars on the outcome of the presidential race.
Additional political prediction markets have also proven to be popular, highlighting a growing demand for such content, despite the regulatory scrutiny.
If Polymarket secures the extra funding it seeks, the company will be able to cement its position as one of the go-to operators of political betting products.
The Legality of Political Betting Remains Murky
In the meantime, Polymarket and other political betting and prediction-based platforms remain a point of contention. While fans have profoundly enjoyed the products offered by the likes of Polymarket, PredictIt and Kalshi, regulators have been unamused at the rise of such companies.
Polymarket’s products remain blocked in the United States, although that hasn’t stopped fans from finding workarounds to play with the company. The platform was furthermore fined previously but has continued to grow strong despite the setbacks.
The Commodity Futures Trading Commission has solidified itself as one of the biggest opponents of political betting and prediction markets. In addition to fining Polymarket in the past, the commission has also tried to suspend Kalshi’s political offerings, triggering an ongoing lawsuit.
Speaking of political betting, Interactive Brokers, a popular trading platform, just announced that it will be launching wagering on the outcome of the US election. In an interview with the Wall Street Journal, the platform confirmed that it intends to capitalize on the race between Donald Trump and Kamala Harris.
