Vitalik Buterin, Peter Thiel Back Betting Platform Polymarket As $125,328,749 Worth of Election Bets Accumulate
A global prediction market platform has raised $70 million in funding from prominent investors as the 2024 US Presidential Election looms.
According to a new press release, Peter Thiel’s Founder’s Fund, Ethereum (ETH) founder Vitalik Buterin and others have invested $70 million in the betting platform Polymarket.
Founders Fund led the $45 million Series B fundraising efforts, joined by other high-profile investors like Dragonfly and ParaFi.
Polymarket allows users to bet on the outcomes of almost any event, ranging from pop culture to sports to politics. However, trading on Polymarket is currently restricted in the United States.
Regardless, the platform has so far attracted $125,328,749 in bets on the upcoming US Presidential Election. The two most popular bets are Donald Trump and Joe Biden, with Trump currently holding a 5% edge.
Says 25-year-old Polymarket founder Shayne Coplan,
“I started Polymarket because I believe that market-based forecasts will inevitably become an integral part of how we follow news and find truth on the internet.
It has been humbling to see that vision begin to materialize at scale – with so many people relying on Polymarket when following important current events.”
While Polymarket has faced pressure from regulators like the Commodity Futures Trading Commission (CFTC), the platform has also hired former CFTC head J. Christopher Giancarlo as its advisory board chairman.
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Featured Image: Shutterstock/d1sk/Natalia Siiatovskaia
