Crypto betting platform Polymarket raises $70 million

The decentralized prediction market Polymarket obtained a funding from 70 million dollars from Founders Fund, General Catalyst and the co-founder of Ethereum, Vitalik Buterin.

Polymarket, one of the largest betting platforms in the crypto space, announced on Tuesday that it had closed a $25 million Series A and a $45 million Series B, totaling $70 million.

Founded in 2020 in New York, Polymarket is an Ethereum-based prediction marketplace running L2 Polygon that enables traders to bet USDC on the outcome of various events such as US presidential futures or the approval of new cryptocurrency spot ETFs.

According to today’s announcement, the platform, which covers topics such as politics, sports, news and science, has already processed a record $202 million in bets in 2024. Markets on Polymarket generally offer more accurate assessments of public opinion and more reliable forecasts than those provided by experts.

Polymarket’s Series B was led by Founders Fund and includes participation from ParaFi, Dragonfly and Ethereum co-founder Vitalik Buterin, while its Series A was led by General Catalyst with backing from Polychain Capital.

Internally, at Founders Fund, we’ve got into the habit of consulting Polymarket in the event of breaking news. The tangible benefits of using Polymarket as a complement to consuming information on social and mainstream networks were obvious,” commented Joey Krug of Founders Fund.

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