Polymarket, the decentralized prediction platform that has become a hot topic during the recent U.S. election season, might be on the verge of launching its own cryptocurrency. According to tech publication The Information, Polymarket is in discussions to secure $50 million in fresh funding. This investment round will offer token warrants to participating investors, giving them the right to purchase tokens if Polymarket decides to launch them in the future.
The potential token could play a key role in validating the outcome of real-world events on the platform. Users could leverage the token to confirm the accuracy of predictions, potentially enhancing the platform’s transparency and trust.
This news comes after Polymarket successfully raised $70 million earlier this year, led by prominent investors like Peter Thiel’s Founders Fund and Ethereum founder Vitalik Buterin. The platform, built on Ethereum’s Layer-2 network, Polygon, allows users to buy and sell shares based on the outcomes of various events. These shares can be redeemed for $1 if the prediction is correct and become worthless if it’s wrong.
Polymarket has experienced a surge in trade volume in recent months, with August exceeding $472.7 million and September already reaching $400.21 million, as reported by on-chain analytics platform Token Terminal. The platform has particularly benefited from the heightened interest surrounding the U.S. elections, with almost $1 billion wagered on the outcome of the presidential race between Donald Trump and Kamala Harris.
If Polymarket proceeds with the token launch, it could become one of the most significant cryptocurrency debuts in recent times. This move would further solidify the platform’s position in the rapidly evolving crypto market and potentially attract a broader audience interested in decentralized prediction markets.
