Polymarket (POLY) Secures $70M Investment Boost from Crypto Titans Vitalik Buterin and Peter Thiel Fund

  • Blockchain-based betting site Polymarket raises $70 million in two funding rounds, with participation from Ethereum co-founder Vitalik Buterin.
  • The platform has registered $39.5 million in volume over the past 28 days across 2,600 active wallets.
  • With the new funding, Polymarket is considering a U.S. debut.

Polymarket, a blockchain-based betting site, has raised $70 million in funding, with participation from Ethereum co-founder Vitalik Buterin. The platform is now considering a U.S. debut.

Polymarket Raises $70 Million in Funding

Polymarket announced on Tuesday that it has raised $70 million in two funding rounds. The Series B funding round saw participation from Ethereum co-founder Vitalik Buterin, Eventbrite co-founder Kevin Hartz, crypto venture fund Dragonfly, and the Founders Fund, a venture capital firm co-founded by Peter Thiel. This round of funding was preceded by a $25 million Series A funding round led by the early-stage venture capital firm General Catalyst.

Polymarket’s Growth and Future Plans

Over the past 28 days, Polymarket has registered $39.5 million in volume across 2,600 active wallets. As of May 8, the platform had $20.5 million in bets outstanding, a 15% increase over the past month. With the new funding, Polymarket is weighing the prospect of a U.S. debut, with help from Richard Jaycobs, the company’s new head of market expansion.

Buterin’s Involvement and Comments on Polymarket

Vitalik Buterin, Ethereum’s co-founder, has been involved in Polymarket since its early days. He participated in the recent Series B funding round and has previously expressed his interest in the platform on social media. In 2020, Buterin mentioned on Twitter that he was experimenting with Polymarket and praised its user interface for attracting users outside of the crypto community.

Conclusion

The recent funding rounds and the involvement of prominent figures like Vitalik Buterin indicate a bright future for Polymarket. The platform’s consideration of a U.S. debut could further expand its reach and influence in the crypto betting market.

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