Ethereum prediction market Polymarket has raised $4 million in its latest fundraising round. The latest crypto prediction service wants to combat fake news and the spread of misinformation by incentivizing bets to produce accurate results.
Participation from Notable Crypto Investors
The firm has closed $4 million funding led by Polychain Capital. Notable crypto investors include Naval Ravikant, Balaji Srinivasan, Meltem Demirors, 1confirmation, ParaFi, Jack Herrick, Kal Vepuri, Stani Kulechov, Kain Warwick, Samir Vasavada, Marc Bhargava, and Calvin Liu, including Tarun Chitra of Gauntlet, and Kain Warwick of Synthetix.
Polymarket allows users to bet on popular trending events from Covid-19 cases to U.S. election results. The crypto betting market had previously correctly predicted Microsoft’s failed acquisition of TikTok to the nomination of Vice-Presidential candidate Kamala Harris.
The Ethereum betting market besides providing a platform to bet on events from pop culture has now turned its direction towards a larger purpose. It will focus on combating the spread of misinformation and fake news.
Polychain: Betting on Blockchain
Prediction or betting markets allows anyone to earn money by placing bets on the correct outcome of a particular event. They are mostly legal in certain parts of Europe and some parts of the world. Although, some countries don’t permit legal betting. Betting markets have thus turned towards blockchain technology, where its services can’t be censored or shut down, owing to its censorship resistance and immutability.
The proceeds will be used to expand Polychain towards making the platform more accessible. Also, entering into Stage 2 of its Beta. And, the introduction of new features in the platform such as debit and credit card deposits, email sign-ins, and unlimited free trading.
Polymarket is one of the many crypto-based prediction markets. Other similar platforms that are currently active include Augur, PredIQt, Omen.eth, FTX, and more. So far, Polymarket has received $1 million in trading volume.