Polymarket Targets $50M Amid 2024 U.S. Election Betting Surge, Token Launch Expected
Polymarket is raising $50M as election betting on its platform hits new highs. The company is also planning a token launch to enhance real-world event validation.
Key points:
- $50M funding goal: Polymarket aims to secure new capital during the U.S. election betting frenzy.
- Potential token launch: A new token could simplify event outcome verification and boost revenue.
- Election betting spikes: Nearly $1 billion has been wagered on the 2024 U.S. election.
- $70M raised in 2024: Polymarket already secured $70M in earlier funding rounds.
- Regulatory issues: Polymarket faces scrutiny from U.S. regulators over its prediction markets.
Polymarket Seeks $50M Boost as Election Betting Hits Record:
Polymarket, the top decentralized prediction platform, is capitalizing on a massive surge in 2024 U.S. election betting. The company is aiming to raise $50M to support its growth as nearly $1 billion has been staked on its election markets.
The platform’s trade volume reached an all-time high of $472M in August alone.
The company is also eyeing a potential token launch, which would enable users to validate real-world event outcomes more easily.
This move would reduce Polymarket’s reliance on external oracles like UMA and could provide new revenue streams.
However, the platform’s rapid expansion has attracted the attention of regulators. In 2022, Polymarket settled with the U.S. Commodity Futures Trading Commission (CFTC) for $1.4M over unregistered event markets.
Read more: Solana’s BET on DRIFT Outpaces Polymarket with $20M in 24-Hour Trading Volume
Concerns remain about U.S. users circumventing geo-blocking restrictions to access the platform.
With the 2024 election approaching, Polymarket’s plans to raise $50M and launch a token not only cement its lead but may also widen the gap over competitors. The platform is betting big on its future—and winning.
