Crypto prediction market Polymarket has raised $70 million in two funding rounds, with the latest round led by Founders Fund

PANews, May 14, Bloomberg reported that Peter Thiel’s venture capital firm Founders Fund is betting on one of the largest cryptocurrency prediction markets, Polymarket, despite major U.S. regulators increasing efforts to restrict activities on such platforms. A Polymarket spokesperson said that Polymarket has raised $70 million in two rounds of financing, with the latest round led by Founders Fund. The company’s backers also include Ethereum co-founder Vitalik Buterin. The platform attracts users to predict the outcomes of various events, with betting on the 2024 US presidential election becoming the most popular contract.

A Polymarket spokesperson said Founders Fund led the $45 million Series B round. General Catalyst earlier helped the company raise $25 million in Series A funding. The new funding values ​​the company at a lower level than previously discussed. The company was valued at nearly $1 billion before the CFTC took action, Bloomberg previously reported.

According to the Polymarket website, election betting drove the largest growth in Polymarket activity, with more than $170 million in activity related to the US election. Polymarket had previously been fined by the U.S. CFTC. As part of the settlement agreement, Polymarket committed to reducing its services in the United States and continuing to operate overseas.