Polymarket, a leading decentralized prediction platform, is nearing the completion of a $200 million funding round, potentially elevating its valuation to over $1 billion and granting it unicorn status. Following the US election, the platform has experienced a surge in trading volume and new user registrations. Reports indicate that billionaire Peter Thiel’s Founders Fund is spearheading this funding effort. Since 2020, Polymarket has raised $74 million, with notable backers like Ethereum co-founder Vitalik Buterin. The new funds will aid in expanding infrastructure, product development, and navigating legal hurdles, particularly in the US where it faces gambling regulations. A significant aspect of its growth strategy includes a partnership with Elon Musk’s social media platform X, enhancing its market presence. Despite a resurgence in trading activity, Polymarket confronts regulatory scrutiny, including a subpoena from the US CFTC. The platform has been unavailable to US residents since 2022 due to legal issues, including a settlement for operating an unregistered derivatives platform. Read more AI-generated news on: https://app.chaingpt.org/news

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