- Polymarket is working to expand its financial base.
- The project is reportedly considering a token launch as part of these plans.
- To many, plans for the Polymarket token seem like something that has been in the works for a long time.
Polymarket, a polygon-based prediction market, was undoubtedly the groundbreaking crypto sensation of 2024, with the platform gaining public attention in the wake of the US presidential election.
As interest in the platform grows, recent reports suggest that the team is considering raising additional funds and launching a token.
Polymarket Raises $50 Million in New Funding
Polymarket is looking to expand its financial runway, the company said Monday, Sept. 23. information According to a report citing anonymous sources, the prediction market is seeking $50 million in new funding. At the same time, the report claims the team has also discussed the possibility of launching a token that would “allow users to verify the outcomes of real-world events.”
If Polymarket goes ahead with its token launch, investors who participated in the planned $50 million fundraising will receive “token warrants” that will allow them to purchase tokens at a later date, the people said.
Dailycoin At the time of writing this article, Polymarket could not be reached for comment.
Recent reports, especially those revealing potential plans for a token launch, have, as expected, sparked a huge reaction online.
Was the Polymarket token launched a long time ago?
Plans for the Polymarket token appear to have been in the works for some time, as many have been anticipating a potential token airdrop since at least the beginning of this year. Reflecting on this sentiment, prominent crypto writer “Happy” wrote in response to the news, “I’ve been waiting a long time to hear this news.”
In late January 2024, Happy predicted that a Polymarket airdrop would occur around the US presidential election in November, claiming that if it did happen, it would be “the biggest onboarding event in crypto since NFTs.”
Happy’s sentiment was shared by Cinneamhain Ventures partner Adams Cochran, who responded to the news by arguing that it made sense to launch the token and raise funds just before the election, as it is currently the biggest driver of trading volume on the platform.
"While I think Polymarket can find more footing, their big volume driver is the presidential election and nothing else comes close. They want to secure runway during the hype to build and weather 4 years," he wrote.
The recent news of Polymarket’s funding and token plans does not appear to have had an immediate impact on trading volume. Dune Analysis According to data, the platform recorded a trading volume of $13.9 million on Tuesday, September 24, which is similar to the daily average level in recent weeks.
On the other side
- Polymarket has not yet decided on its token launch plans.
- It is not yet known how Polymarket tokens will be distributed.
- Election betting on Polymarket is growing in popularity. Put it in the CFTC’s crosshairs again.
- Polymarket has raised $45 million by May 2024.
Why this matters
Polymarket will likely be the next biggest cryptocurrency buzz in 2024 after ETFs. Launching a token on the platform is likely to generate even more interest and engagement.
Read more about Polymarket:
What is Polymarket? Crypto’s Latest Killer App Explained
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