The blockchain prediction platform Polymarket is in talks to raise $50 million and is considering issuing its own token. This news comes amid growing interest in the platform for election and other event betting.
Polymarket Growth
Polymarket previously raised $70 million in two funding rounds, including $45 million in a Series B round. The platform is particularly popular for U.S. election betting, with nearly $1 billion staked on this event. Polymarket uses Polygon's layer-2 blockchain technology and oracle services from UMA Protocol, with bets settled in the USDC stablecoin.
Crypto Funding Increases
According to DeFiLlama, crypto funding amounted to $634 million in August, representing a 130% increase over August 2023. However, crypto venture funding remains down from its peak at the end of 2021 when more than $3 billion was invested in blockchain startups each month.
Polymarket continues to show significant growth amid new funding efforts and plans to launch its own token. Interest in crypto investments remains high despite a decrease in venture funding.
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