The decentralized betting platform Polymarket is approaching the completion of a new funding round, allowing the company to achieve a $1 billion valuation and gain unicorn status.
Funding Leadership by Founders Fund
According to Reuters, the new $200 million funding round will be led by Founders Fund, founded by billionaire Peter Thiel. This sum would rate Polymarket as a unicorn.
Decline in Platform Activity
Recent data indicates that trading activity on Polymarket is gradually declining. The number of active traders has fallen from 51,930 at the end of March to 27,674 as of June 24.
Issues Related to Bans
Despite the funding growth, the platform faces bans in several countries, including the US and France. Last November, the FBI issued a search warrant, seizing equipment from Polymarket's founder Shayne Coplan.
Despite current challenges and declining activity, Polymarket continues to attract significant investments and retains market attention.
