Polymarket Eyes $50M Funding Amid Election Betting Season

Polymarket is reportedly seeking $50 million in funding as its prediction market experiences a surge in election-related bets. The proposed funding may involve a new token aimed at validating real-world event outcomes, although it’s unclear if this will complement or replace the UMA Protocol it currently uses for dispute resolution. Polymarket has raised $70 million this year and is enjoying breakout success, particularly in U.S. presidential election betting, where nearly $1 billion has been staked. Regulatory challenges persist, with the CFTC monitoring offshore platforms and potential legal repercussions for non-compliance.