Blockchain-backed prediction market Polymarket is reportedly seeking to launch its own token to operate its predictions. Sources have also revealed that Polymarket is in talks to raise funds over $50 million.
Sources have revealed that Polymarket is discussing the prospects of launching a token and if the plans manifest, then it could be one of the most exciting token launches since the crypto market recovered from the 2022 collapse
The person known to this matter added that the investors in this fund raising will receive token warrants, giving them the privilege to purchase tokens if they are issued in the future. However, it remains to be seen whether investors will also get equity.
In May, Polymarket had already raised a total of $70 million over two rounds, with Series B led by billionaire Peter Thiel’s Founders Fund.
According to Dune Analytics, the monthly volume on Polymarket has reached $472 Million in August, and as of today, September has seen a volume of nearly $405 Million. This month, the number of active traders on the platform nearly accounted for 65,210. The platform has seen a major success this year, and most of it can be attributed to the US Election fever. In fact, elections-based betting amounts to around 85% of its trading volume.
Also Read: With 52%, Kamala Harris Maintains Advantage in Four US Swing States: Polymarket
Source: https://www.cryptonewsz.com/polymarket-to-launch-own-token-raise-50m/