The leading blockchain-based predictions market platform Polymarket is reportedly considering raising $50M in fresh funding and a potential token launch.
According to the report, the investors will be given a token warrant in this round, entitling them with the right to purchase tokens in case Polymarket decides to launch one.
The latest funding comes in hot following the massive success recorded in the recent months on the Polymarket platform.
Earlier before now, the top on-chain predictions platform secured $25M in a Series A round led by General Catalyst. Later, it secured an additional $45M in a Series B funding round, in which Ethereum co-founder Vitalik Buterin was involved.
Read Also: How to Use Polymarket Platform to Earn Rewards Predicting the Market
Polymarket surged in popularity following the upcoming US Election, which had prediction pools on the platform, amassing close to $1B trading volume on this pool.
Polymarket is built on both the Ethereum and Polygon blockchain networks. The decentralized predictions platform uses the UMA network to settle markets.
Polymarket facilitates the buying and selling of shares of possible outcomes about real events. Share prices range from $0.00 to $1, with the price reflecting the percentage chance or odds of a particular outcome occurring.
Polymarket also offers markets in the areas of pop culture, crypto events, sports, and all other forms of political events. Polymarket has lately seen a surge in popularity as total volumes traded only in the last month reached $472.8M.
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