Limitless Labs, the research and development network behind the prediction market Limitless, has successfully closed a $3 million pre-seed round led by the well-known venture capital company 1confirmation.
Details of the Funding Round
The funding round also included participation from other well-known investors such as Public Works, Collider, and Paper Ventures. 1confirmation is backed by seasoned tech investors like Mark Cuban, Marc Andreessen, and Peter Thiel, and has extensive expertise in prediction markets.
Limitless Growth and Development
The conclusion of the pre-seed funding coincides with the rapid expansion of Limitless' prediction market platform. The market is already executing more than $200,000 in transactions per day, thanks to an 800% spike in volume over the previous week. Approximately half of Limitless’ monthly active traders use the platform daily. The funds from the round will be used to introduce new features such as a decentralized social network and to expedite the development of the Limitless platform.
Expert Opinions and Prospects
1confirmation Founder and General Partner Nick Tomaino commented on the pre-seed round,
Prediction markets like Limitless are having a breakthrough year, servicing daily stock and cryptocurrency markets and addressing events such as Pavel Durov’s imprisonment, the creator of Telegram, and the future of X in Brazil. With significantly shorter time horizons than traditional prediction markets, Limitless attracts users who do not want to lock up funds for long periods. The Limitless platform bridges prediction markets and SocialFi, allowing users to create their own markets and earn trading fees, leading to a proliferation of popular new market categories.
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