Polymarket Seeks $50M Fundraising, Explores Token Launch

Polymarket is looking for $50 million in fundraising amid potential plans to launch a token.

The blockchain-based predictions platform will issue token warrants to investors in the round, which gives them the option to purchase tokens if Polymarket eventually issues them.

Shayne Coplan, Polymarket's CEO, has not commented on the news and the firm hasn't clarified if the tokens would offer extra functionality in the system itself.

Earlier this year, Polymarket secured $25 million in a Series A led by General Catalyst and an additional $45 million in Series B funding with participation from Ethereum co-founder Vitalik Buterin.

The Platform has recently gained credibility in the space for measuring sentiment in the upcoming US election, garnering close to $1 billion in trade volume from those betting on the outcome.

Additionally, Bloomberg Terminal integrated Polymarket election data earlier this month, underscoring the growing acceptance and impact of web3 prediction markets in shaping and understanding political and economic forecasts.

"What once was a fringe, sci-fi idea for transforming the flow of information is now becoming the new normal, as 10s of millions of people build habit around relying on Polymarket forecasts as a source of truth, to make sense of what’s going on in the world," Coplan tweeted at the time.

Built on Ethereum and Polygon networks, Polymarket's trading volume outside Trump v Harris bets reached a record high last month, hitting $472.8 million.