The prediction platform Polymarket is securing $200 million in a new funding round, which values the company at $1 billion despite facing significant hurdles.
Overview of Funding
Leading the funding round is billionaire Peter Thiel's Founders Fund, according to reports from Reuters and Bloomberg. Achieving a $1 billion valuation grants Polymarket 'unicorn' status, although the company is restricted for users in the U.S.
Platform Operation Data
Polymarket experienced explosive growth during the 2024 U.S. elections, with trading volumes peaking at $2.5 billion in November. The platform allows bets on various scenarios, including the likelihood of a U.S. recession and New York City mayoral election outcomes. It currently shows an 87% chance that the GENIUS Act stablecoin bill will be signed into law.
Issues and Limitations
Polymarket has faced bans in several countries, including the U.S., France, and Singapore. The platform also faces scrutiny over potential outcome manipulation allegations. It competes with other prediction platforms such as Kalshi.
Despite significant challenges, including regulation and bans, Polymarket continues to attract funding and develop its services in the prediction market.
