{"id":172090,"date":"2024-09-24T12:37:57","date_gmt":"2024-09-24T12:37:57","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172090"},"modified":"2024-09-24T12:38:11","modified_gmt":"2024-09-24T12:38:11","slug":"polymarket-eyes-50-million-boost-amid-u-s-election-betting-fever-token-launch-on-the-horizon","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/polymarket-eyes-50-million-boost-amid-u-s-election-betting-fever-token-launch-on-the-horizon\/","title":{"rendered":"Polymarket Eyes $50 Million Boost Amid U.S. Election Betting Fever \u2013 Token Launch on the Horizon?"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Funding and Token Launch<\/span><\/strong><span data-preserver-spaces=\"true\">: Polymarket is seeking $50 million in funding and considering launching a token to validate real-world event outcomes, leveraging the surge in U.S.\u00a0election betting.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Growth and Revenue<\/span><\/strong><span data-preserver-spaces=\"true\">: The platform has seen significant growth, with nearly $1 billion staked on the presidential election, and plans to generate revenue through token sales and transaction fees.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Regulatory Scrutiny<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">: Despite its success, Polymarket faces regulatory challenges from the CFTC, having previously settled for $1.4 million over unregistered markets.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Polymarket is <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.theinformation.com\/articles\/polymarket-discusses-fresh-funding-amid-election-betting-craze\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">reportedly <\/span><\/a><span data-preserver-spaces=\"true\">seeking $50 million in fresh funding.<\/span><\/strong><span data-preserver-spaces=\"true\"> This move comes amid a surge in betting activity related to the upcoming U.S. presidential election. <\/span><strong><span data-preserver-spaces=\"true\">The New York-based startup is also considering issuing its own <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/virtual-currencies\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">crypto <\/span><\/a><span data-preserver-spaces=\"true\">token<\/span><\/strong><span data-preserver-spaces=\"true\">, which could revolutionize how users validate the outcomes of real-world events.<\/span><!--more--><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Polymarket&#8217;s Funding and Token Plans<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">According to recent reports, <\/span><strong><span data-preserver-spaces=\"true\">Polymarket aims to raise $50 million to capitalize on the heightened interest in election betting.<\/span><\/strong><span data-preserver-spaces=\"true\"> The proposed token would allow users to verify the outcomes of various events, integrating <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/blockchain-technology\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">blockchain <\/span><\/a><span data-preserver-spaces=\"true\">technology more deeply into the platform. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Investors in this funding round may receive warrants to acquire the token if Polymarket proceeds with its issuance strategy. Polymarket has experienced significant growth this year, driven largely by the U.S. presidential election. <\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">If Polymarket proceeds with a token launch, it could become one of the most notable token introductions<\/span><\/strong><span data-preserver-spaces=\"true\"> since the crypto market\u2019s rebound in 2022. This move might enable Polymarket to generate revenue through token sales, transaction fees, and other activities, shifting from its current no-fee model to one where the token is integral to user interactions.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In May, the platform secured $70 million in funding across two rounds. <\/span><strong><span data-preserver-spaces=\"true\">The platform\u2019s monthly volume hit an all-time high of $472 million in August<\/span><\/strong><span data-preserver-spaces=\"true\">, with nearly $1 billion staked on the presidential election alone. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Bets on Polymarket are processed using smart contracts on the Polygon network and settled in USDC, a stablecoin pegged to the U.S. dollar.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-172091\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/09\/Polymarket.jpg\" alt=\"Polymarket Eyes $50 Million Boost Amid U.S. Election Betting Fever \u2013 Token Launch on the Horizon?\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/09\/Polymarket.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/09\/Polymarket-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/09\/Polymarket-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Regulatory Challenges<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Despite its success, <\/span><strong><span data-preserver-spaces=\"true\">Polymarket faces regulatory scrutiny. <\/span><\/strong><span data-preserver-spaces=\"true\">The U.S. Commodity Futures Trading Commission (CFTC) has raised concerns about overseas platforms like Polymarket allowing Americans to bet on election outcomes. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In 2022, <\/span><strong><span data-preserver-spaces=\"true\">Polymarket settled with the CFTC, paying a $1.4 million fine<\/span><\/strong><span data-preserver-spaces=\"true\"> for offering unregistered event-based binary options markets. The platform blocks users with U.S. IP addresses, but some traders reportedly bypass this restriction using VPNs.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Polymarket\u2019s pursuit of $50 million in funding and the potential launch of a new token highlight the platform\u2019s ambition to lead the decentralized prediction market space. As the U.S. presidential election approaches, Polymarket\u2019s innovative approach and rapid growth make it a key player to watch in the crypto and betting industries.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Funding and Token Launch: Polymarket is seeking $50 million in funding and considering launching a token to validate real-world event outcomes, leveraging the surge in U.S.\u00a0election betting. Growth and Revenue: The platform has seen significant growth, with nearly $1 billion staked on the presidential election, and plans to generate revenue through token sales and &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Polymarket Eyes $50 Million Boost Amid U.S. Election Betting Fever \u2013 Token Launch on the Horizon?\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/polymarket-eyes-50-million-boost-amid-u-s-election-betting-fever-token-launch-on-the-horizon\/#more-172090\" aria-label=\"More on Polymarket Eyes $50 Million Boost Amid U.S. Election Betting Fever \u2013 Token Launch on the Horizon?\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":172092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[5536,5287,5026],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172090"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172090"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172090\/revisions"}],"predecessor-version":[{"id":172093,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172090\/revisions\/172093"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172092"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}