Polymarket Seeks $50M Funding Amid Election Betting Surge

The crypto-based prediction platform plans a potential token launch as it capitalizes on U.S. presidential election fervor.

Polymarket is aiming to raise an additional $50 million in new capital, following two previous funding rounds totaling $70 million this year.
The platform is considering launching its own token, with investors in the new funding round receiving warrants to purchase the tokens if issued.
Polymarket has seen a significant increase in trade volume, reaching a record $472 million in August, driven largely by bets on the upcoming U.S. presidential election.
Despite its popularity, Polymarket is restricted from operating in the U.S. due to a 2022 settlement with the Commodity Futures Trading Commission, which included a $1.2 million fine.
The outcome of an ongoing lawsuit involving another prediction market, Kalshi, could impact the future legality of election betting in the United States.