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Polymarket considers token launch to raise $50 million
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Polymarket, a crypto betting platform, is considering launching a token to help it operate its operations, according to The Information, which cited anonymous sources. The company’s goal is to raise around $50 million from the token launch, the report said.
According to The Information, investors would receive “warrants” for the tokens. This would give them the right to acquire the tokens if Polymarket decides to launch them in the future.
One of the sources cited in the report said that users could use the tokens to validate the outcomes of real-world events. However, there is no official decision on the launch yet, and the company has not guaranteed that this action will occur.
In May of this year, Polymarket raised $45 million in a Series B funding round led by Peter Thiel’s Founders Fund, with participation from existing investors including 1confirmation and ParaFi. Big names including Ethereum co-founder Vitalik Buterin and Eventbrite co-founder Kevin Hartz also participated in the round, in addition to Dragonfly.
Polymarket seeks resources with token launch
Polymarket, founded in 2020 by Shayne Coplan, has been gaining prominence in the crypto ecosystem in recent years, especially during elections.
The platform stands out by allowing its users to buy and sell stocks using cryptocurrency tokens, betting on the probability of future events. A recent example of high activity on the platform involves bets on the outcome of the upcoming US presidential election. Polymarket has already attracted almost $1 billion in bets related to the event.
Currently, according to data from the platform, Vice President and Democratic candidate Kamala Harris leads with a 50% probability of victory in the presidential race.
Polymarket’s decentralized prediction platform is a compelling narrative in the crypto space, especially as it continues to grow and attract new investors. Should the token launch come to fruition, the company could gain even more visibility by offering new features and mechanisms to its users.
Polymarket considers token launch to raise $50 million
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Polymarket considers token launch to raise $50 million
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Polymarket considers token launch to raise $50 million
