Blockchain-based prediction market Polymarket is edging nearer to a $200 million increase at a $1 billion valuation, The Information reported, citing individuals acquainted with the plan.
Peter Thiel’s Founders Fund is claimed to be main the spherical, the report added. The $200 million determine contains $50 million that was raised in beforehand unannounced funding.
In keeping with SimilarWeb, Polymarket notched a file excessive when it comes to web site visitors in Might with 15.9 million visits, greater than rival betting markets FanDuel, DraftKings and Betfair.
Polymarket’s continued rise comes after a U.S. election yr that noticed round $8 billion value of bets positioned on the platform. It was additionally broadly cited throughout the election as a knowledge supply for predicting the end result. In keeping with a Dune information scientist, betting markets on Polymarket predict outcomes with up to 94% accuracy.
Earlier this month, Polymarket signed a deal with Elon Musk’s xAI firm, turning into the official prediction market companion for xAI and X.
Final September, a separate report by The Data claimed that Polymarket was trying into launching its own token.