Polymarket Secures $70M Investment Amid Regulatory Uncertainty

Peter Thiel and Vitalik Buterin lead funding for the cryptocurrency-based prediction market facing potential federal restrictions.

Polymarket raised $70 million across two funding rounds, with Peter Thiel's Founders Fund and Vitalik Buterin as key investors.
The platform allows users to bet on real-world events, including the 2024 U.S. presidential election, with over $125 million staked so far.
Federal regulations threaten to ban political betting, which could impact Polymarket's operations and future growth.
Polymarket has faced legal challenges, including a $1.4 million penalty in 2022 for operating without proper registration.
The company is exploring a potential U.S. debut, led by new head of market expansion, Richard Jaycobs.