📣 Polymarket Attracts New Capital
posted 14 May 2024
Venture capital firm Founders Fund, co-founded by Peter Thiel, has invested in the cryptocurrency prediction market platform Polymarket, which allows users to place bets on various events, including U.S. presidential elections. The project has raised a total of $70 million, with even Vitalik Buterin joining in as one of the investors.
Despite halting services for U.S. customers following a fine and market exit, betting on future elections remains highly popular. For instance, users have contributed over $170 million to the prize pool, and Donald Trump even shared a screenshot of the statistics on social media.
A lot of the reason why certain people don’t like prediction markets in the US kind of dates back to pretty puritanical thinking about betting,said Joey Krug, a partner at Founders Fund.
It's worth noting that each U.S. state regulates betting individually, offering varying degrees of freedom or restrictions. However, at the national level, the government and regulators (SEC) have recently been trying to heavily limit betting, particularly on political matters.
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