Polymarket raises $4M funding for its prediction market

Polymarket raises $4 million in the funding round. The prediction market intends to combat fake news by incentivizing bets.

By · Oct 20, 2020 . 6min read

Polymarket raises $4M funding news

Polymarket raises $4 million to extend its Ethereum-based prediction market platform. The funding round was led by Polychain Capital. Other investors involve high profile crypto names like Naval Ravikant, Balaji Srinivasan, 1confirmation, Meltem Demirors, Kal Vepuri, ParaFi, Kain Warwick, Jack Herrick, Stani Kulechov, Samir Vasavada, Marc Bhargava, and Calvin Liu.

Polymarket to enter Stage 2 of Beta testing.

Polymarket elucidates that it will employ its raised funds to make the platform more available to all users. With the capital raised in this round, Polymarket will enter Stage 2 of its Beta. This will concentrate on making it easier for mainstream users to use the platform. New characteristics incorporate unlimited free trading, in-app compliant debit and credit card deposits, and seamless email login and sign up. Moreover, Polymarket states it will utilize the funds to expand its team, actively hiring for engineering, product, and research roles.

For the uninformed, Polymarket is an information markets platform developed on Ethereum where speculators can bet on the world’s most highly-debated topics such as the upcoming U.S. elections, COVID-19, DeFi, cryptocurrencies, and more. However, it employs smart contracts to promote open information markets in a non-custodial, fee-less, and transparent environment.

Users can speculate on real-world events via Polymarket.

Polymarket enables users to wager on real-world events. The betting platform has drawn $1 million in trading volume so far. Its markets have accurately predicted events like the V.P. nomination of Kamala Harris, Microsoft’s failed acquisition of TikTok, and decreasing unemployment rates in the U.S. Moreover, other famous markets correlate to the consequence of the U.S. election and the prospect of COVID-19.

However, these markets offer crypto investors a way to gain money. Polymarket also intends to utilize this activity for a greater purpose. Additionally, the objective is combating misinformation. Moreover, Polymarket expects the general public will balance investor sentiment against news stories and utilize it to manage media claims’ accuracy.

Conclusively, the presence of liquid markets on well known and controversial topics allows anyone with an educated opinion or conviction to profit from forecasting. Betting market, Polymarket hopes to promote its user’s knowledge and capacity to generate unbiased, real-time forecasts on recent events.

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