Ethereum co-founder Vitalik Buterin and PayPal co-founder Peter Thiel invest $70 million in Polymarket
In a significant move, Vitalik Buterin and Peter Thiel have collectively contributed $70 million to Polymarket. This decentralized prediction platform focuses on various aspects such as culture, technology, news, and politics. Beyond the financial implications, this investment signals a broader trend in the crypto space towards prediction markets as avenues for engagement and analysis.
Polymarket secures Series B funding
Polymarket successfully raised $45 million in its Series B round, with the Founders Fund, helmed by Peter Thiel, leading the way. Additionally, the platform secured an additional $25 million in a subsequent funding round, with notable backers including General Catalyst and Polychain.
- CEO Shayne Coplan highlights the involvement of Vitalik Buterin as a supporter of Polymarket.
- Buterin has personally engaged with the platform, tracking individuals such as OpenAI CEO Sam Altman and even exploring predictions related to former US President Donald Trump.
“Coverage of our Series B. We’ve had $202.7m worth of predictions made on Polymarket so far this year. But what’s been most gratifying is seeing the widespread adoption of Polymarket as an alternative news source,” Coplan said.
Polymarket’s rise is closely tied to the popularity of prediction markets, particularly in the realm of elections. With over $170 million wagered on US election-related events, the platform has become a prominent player in this space. Notably, Donald Trump holds a significant lead in Polymarket’s polls, capturing 49% of the votes.
“When we think about the US market as well as investing, researching into it, we know that is likely not something that will pay dividends immediately,” Coplan added.
Broader implications on crypto ecosystem
Polymarket’s fundraising activities underscore the growing interest and momentum in crypto projects, despite regulatory challenges in the US. This trend is further exemplified by prominent investor Tim Draper’s recent leadership in a $3.5 million seed funding round for Zest Protocol, a startup focused on Bitcoin lending.
Hot Take: Embracing the Future of Prediction Markets
In conclusion, the partnership between Vitalik Buterin, Peter Thiel, and Polymarket marks a significant step towards fostering innovation in prediction markets and decentralized platforms. As the crypto space continues to evolve, these developments highlight the increasing relevance of alternative modes of engagement and analysis in various industries. By supporting initiatives like Polymarket, investors are not only driving financial growth but also shaping the future landscape of digital prediction platforms.
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