- Polymarket is seeking to extend its financial runway.
- The project is reportedly considering a token launch as part of these plans.
- For many, plans for a Polymarket token appear long overdue.
Polygon-based prediction market Polymarket has undoubtedly been the breakout crypto sensation of 2024, as the platform has ridden the U.S. presidential election wave into mainstream consciousness.
Amid the growing interest in the platform, recent reports suggest that the team is seeking additional funding and contemplating a token launch.
Polymarket Seeks $50M in Fresh Funding
Polymarket is seeking to extend its financial runway. According to a Monday, September 23 The Information report citing anonymous sources, the prediction market is seeking $50 million in fresh funding. At the same time, the report asserted that the team has also discussed the possibility of launching a token to allow “users to validate the outcome of real-world events.”
If Polymarket moves ahead with a token launch, investors in the planned $50 million raise will receive “token warrants,” allowing them to purchase the token later, the sources disclosed.
DailyCoin was unable to reach Polymarket for comment at the time of writing.
The recent report, particularly the disclosure of potential plans for a token launch, has unsurprisingly sparked a flurry of reactions online.
Polymarket Token Long Overdue?
For many, plans for a Polymarket token appear long overdue, as many have been anticipating a potential token airdrop since at least the start of the year. Echoing this view in response to the news, prominent crypto writer “Happy” wrote, “Been waiting a long time to hear this news.”
At the end of January 2024, Happy had floated a prediction of a Polymarket airdrop around the November U.S. presidential elections, arguing that if it happened, “it would be the greatest onboarding event in crypto since NFTs.”
Happy’s sentiments were shared by Cinneamhain Ventures Partner Adams Cochran. Reacting to the news, Cochran argued that it made sense to launch the token and seek funding just before the election as, for now, it remained the biggest driver of 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 any immediate impact on volumes. Dune Analytics data suggests that the platform has seen $13.9 million in volume on Tuesday, September 24, well within its daily average in recent weeks.
On the Flipside
- Polymarket has yet to decide on the reported token launch plans.
- How a Polymarket token would be distributed remains to be seen.
- The growing popularity of Polymarket’s election bets may have put it in the CFTC’s cross-hairs again.
- Polymarket raised $45 million as recently as May 2024.
Why This Matters
Polymarket has arguably been the biggest narrative in crypto besides ETFs in 2024. A token launch from the platform will likely further drive interest and engagement.
Read this for more on Polymarket:
What Is Polymarket? Crypto’s Latest Killer App Explained
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