Polymarket, an American blockchain-based prediction market platform, is set to close a $200 million raise at a $1 billion valuation.
According to Reuters and the information, the Polymarket has now acquired the unicorn valuation of $1 billion due to its verge of a $200 million financing round. Despite its ban on American users, the one billion dollar valuation would give the firm “unicorn” status.
On Tuesday, Reuters and Bloomberg reported that the funding round of Polymarket is mainly led by Peter Thiel’s Founders Fund, a popular venture capital company investing in organizations constructing revolutionary technologies. Further, the two hundred million dollars involves the fifty million dollars, which was raised in previously undisclosed funding.
Polymarket – Bet on Anything
Polymarket is a prediction platform where users can make their bets on the results of distinct events, mainly helping the user to wager on the likelihood of things occurring in the forthcoming days. This platform mainly focuses on users predicting the real-world event’s results, which is considered the key operation of the prediction market.
During the US presidential election, 2024, Polymarket encountered high growth having trading volume of about $2.5 billion in November, where betters utilized cryptocurrency to wager on the election results, according to reports.
The platform also allows bets on a wide range of topics, like the US recession in 2025, the Ukraine-Russia ceasefire in July, Federal Reserve rate decisions, and so on. However, it sustains even more significance as the go-to platform for political predictions, present events, and breaking news.
The users of Polymarket experienced a lower baseline in the past few months, mostly hinging on tiny bets coming under 100 dollars. To overcome this situation, Polymarket acquired wider mainstream acceptance by appearing in mainstream media.
Polymarket encountered revulsion and scrutiny over allegations linked to the prediction market results manipulation. Unlike America, Polymarket has also been restricted in other countries, including Thailand, Belgium, France, Poland, Taiwan, and Singapore.
Polymarket’s betting market predicts results with up to 94% accuracy, according to a Dune data scientist. The monthly trading volume of Polymarket was $1.1 billion for May, down fifty-six percent from its peak stage of November, which was around two and a half billion dollars, reports added.
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Polymarket: Popularity
Polymarket became the major talk in the social channels, mainly regarding the crypto-related topics. This market prediction platform was gaining popularity rapidly among the tokenless protocols and receiving social media messaging among pre-TGE crypto projects, based on Kaito leaderboard data.
Recently, Polymarket announced its partnership with X, Elon Musk’s social media platform, which helps the prediction platform obtain high mainstream exposure. In June, Polymarket signed a deal with the xAI company of Elon Musk and became a prediction market partner for X and xAI officially. The main aim of this deal is to unite the prediction markets of Polymarket with the assessment from the AI chatbot Grok, according to reports.
Polymarket currently shows itself to be a more trustworthy platform when compared to its competitors, including Kalshi, which is backed by Sequoia Capital and Y Combinator.
Polymarket was looking into introducing its own Token, reported by The Information, last September.
