Polymarket Discusses Fresh Funding Amid Election Betting Craze

Polymarket, a blockchain-based prediction market that has taken off as a place for people to bet on the U.S. election, on Taylor Swift’s engagement prospects and on who will win the Super Bowl, is in talks to raise more than $50 million in new capital, according to people familiar with the matter.

Polymarket has also discussed the possibility of launching a token that could be used to run its betting market, the people said. If Polymarket does move ahead with a launch, it would mark one of the most high-profile token debuts since the crypto market recovered from its 2022 collapse.