Billionaire Peter Thiel and Ethereum founder Vitalik Buterin raise $70m for controversial cryptocurrency startup Polymarket
Polymarket, a cryptocurrency startup that allows users to bet on real-world events like political elections, has raised approximately $70 million in funding from controversial billionaire political donor Peter Thiel and ethereum founder Vitalik Buterin. Despite the threat of impending federal regulation, Polymarket has already seen over $125 million in bets on the 2024 presidential election, with former President Donald Trump favored over President Joe Biden. The US Commodity Futures Trading Commission has voted in favor of new rules that would categorize political elections as "gaming" and ban event contracts that are "contrary to the public interest", including those related to political contests. Predictive market competitors, such as Polymarket and PredictIt, have faced regulation and pushback from lawmakers in recent years, with Polymarket being forced to pay a $1.4 million civil penalty in January 2022.
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