Decentralized prediction market platform, Polymarket, is reportedly in the process of raising up to $200 million in new funding at a valuation of $1 billion, according to reports.
The platform, which allows users to place bets on real-world events – including elections, sports, and crypto – has experienced a surge in popularity ahead of the 2024 U.S. presidential election. Polymarket’s sharp growth and increased media attention have attracted prominent investors from the crypto and tech world.
The company’s last known funding round was in 2022 when it raised $4 million from Peter Thiel’s Founders Fund, Ethereum Co-Founder, Vitalik Buterin, and former Coinbase CTO, Balaji Srinivasan, among others.
Polymarket operates on the Polygon blockchain and enables users to trade “yes” or “no” shares on the outcomes of various events. These shares can rise or fall in value based on the probability of an outcome, similar to traditional prediction markets.
EXPLAINER: How to Make Bets and Earn $USDC Using the PolyMarket Prediction Market
A prediction market is a marketplace where people can buy and sell shares on how a future event will resolve.
Here is a step-by-step guide:https://t.co/68pOHj5ivc @PolymarketHQ pic.twitter.com/EwDbjjLilf
— BitKE (@BitcoinKE) July 31, 2022
Despite the growing attention, Polymarket has faced regulatory scrutiny in the past. In January 2022, the U.S. Commodity Futures Trading Commission (CFTC) fined the platform $1.4 million for offering unregistered binary options contracts. As part of the settlement, Polymarket agreed to wind down markets that violated CFTC rules.
However, the platform has since remained active and is now gaining renewed traction as interest in decentralized betting platforms grows – particularly in politically charged environments where traditional betting platforms may be restricted.
PARTNERSHIP | Social Media Platform, @X, Partners with Decentralized Prediction Markets, @Polymarket, to Help Audiences Contextualize Information
Polymarket and X aim to decentralize truth-discovery by integrating market-based forecasting onto X.https://t.co/M4b5MElbY8 pic.twitter.com/Aa0VIdjrbK
— BitKE (@BitcoinKE) June 7, 2025
Polymarket has not yet publicly confirmed the new funding round or valuation.
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