Insider: Polymarket is seeking to raise $50 million and considering issuing tokens

Odaily News According to The Information, people familiar with the matter revealed that prediction market Polymarket is seeking to raise $50 million. Polymarket is also considering issuing its own tokens. If Polymarket goes ahead with the issuance plan, investors in the proposed round will receive warrants that entitle them to purchase tokens. Polymarket will allegedly use this potential token "as a way for users to verify the results of real-world events." It is unclear whether this will be in addition to or instead of UMA Protocol, the "oracle" service that Polymarket uses to resolve markets and adjudicate disputes through community voting. The Information did not mention UMA, nor did it specify whether investors in the proposed $50 million financing will receive equity or only token warrants, nor did it mention Polymarket's valuation (the company's valuation has not been disclosed). However, Polymarket has not made a final decision and there is still no clear timeline for the token issuance. According to Dune Analytics, Polymarket's monthly trading volume hit an all-time high of $472 million in August, and this month's trading volume is expected to be at least second, with $397 million in trading as of Monday. (CoinDesk)