Standard cryptocurrency-based betting platform Polymarket, which has gained prominence this U.S. election season, may be gearing as much as launch its personal token.
What occurred: The so-called decentralized prediction platform was in talks to lift $50 million in recent funding, tech-focused publication The Info reported Monday, citing sources conversant in the matter.
“Buyers within the spherical will obtain token warrants, which grant them the correct to buy tokens if Polymarket launches them at a later date,” the report added.
It was additional revealed that Polymarket might use the potential token as a approach for customers to validate the end result of real-world occasions.
Polymarket did not instantly reply to Benzinga’s request for clarification on the matter.
Earlier in Could, Polymarket introduced elevating $70 million, led by tech billionaire Peter Thiel’s Founders Fund and Ethereum founder Vitalik Buterin.
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Why It Issues: Polymarket, constructed atop Ethereum’s Layer-2 chain, Polygon facilitates shopping for and promoting consequence shares utilizing cryptocurrencies. The shares could be redeemed for $1 if the end result is right and change into nugatory if it is incorrect.
Polymarket’s commerce quantity has exploded in latest months, with August reaching over $472.7 million and September already seeing $400.21 million, based on the on-chain analytics platform Token Terminal.
With virtually $1 billion wagered on who would win the battle for the White Home between Donald Trump and Kamala Harris, the platform has profited from the thrill surrounding the U.S. elections.
Ought to the startup proceed with the token launch, it might be among the many most distinguished debuts within the latest historical past of the cryptocurrency market.
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Picture courtesy: Hubert Burda Media
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