Polymarket Reportedly Seeks $50M in Funding, Mulls Token as Election Bets Surge

Polymarket, the crypto-based prediction market platform, is reportedly seeking $50 million in funding as the popularity of election betting grows. The New York-based startup is also considering the issuance of its own token, which would serve as a way for users to validate the outcome of real-world events. It is unknown whether this token would replace or supplement the use of UMA Protocol, the “oracle” service Polymarket currently uses. Polymarket has not yet commented on the matter. The prediction market startup gained attention earlier this year after raising a total of $70 million in funding. Monthly volume on Polymarket reached an all-time high of $472 million in August, with bets on the U.S. presidential election being the most popular. Regulatory restrictions have limited access to Polymarket for users with U.S. IP addresses, although some individuals have bypassed these restrictions using VPNs. The platform’s success has drawn attention from regulators, as the CFTC monitors offshore election-betting platforms that provide exposure to U.S. customers.