Crypto prediction market Polymarket has completed two rounds of financing totaling US$70 million, with the new round led by Founders Fund

BlockBeats news, May 14, Bloomberg reported that Peter Thiel's venture capital firm Founders Fund is betting on one of the largest cryptocurrency prediction markets, Polymarket, despite major U.S. regulators stepping up efforts to restrict activities on such platforms.

A Polymarket spokesperson said that Polymarket has raised $70 million in two rounds of financing, the most recent round of which was led by Founders Fund, and the company's supporters also include Ethereum co-founder Vitalik Buterin. The platform attracts users to predict the results of various events, among which bets on the 2024 U.S. presidential election have become the most popular contracts.

A Polymarket spokesperson said that Founders Fund led the $45 million Series B financing. General Catalyst earlier helped the company raise $25 million in Series A financing. The new funds value the company at a lower level than previously discussed. Bloomberg previously reported that the company was valued at nearly $1 billion before the CFTC took action. According to the Polymarket website, election betting drove the biggest increase in Polymarket activity, with more than $170 million in bets placed on activities related to the U.S. election. Polymarket was previously fined by the U.S. CFTC, and as part of a settlement, Polymarket promised to reduce its services in the United States and continue to operate overseas.