Information markets platform Polymarket has raised $4 million in a funding round. According to an announcement on the 19th of October, several investors participated in the funding round. The investors include former Coinbase CTO Balaji Srinivasan, the former CEO of AlgelList Naval Ravikant, and CoinShares CSO Meltem Demirors.
As noted by Forbes, other investors are Aave CEO Stani Kulechov, Compound CEO Robert Leshner, Synthetix’s CEO Kain Warwick, and many others.
According to a report by CoinDesk, the funding was led by Polychain Capital. The CEO of Polychain Capital, Olaf Carlson-Wee, commented on the recently concluded funding round. He said that the company has been “fascinated” with the information markets for a while.
Referring to the function of Polymarket as a platform to cross-check market activity, the founder of Polymarket, Shayne Coplan, said:
“One of the biggest problems with social media and disclosure on the internet today is the lack of accountability…At the moment there’s little downside to being wrong; this makes it really hard for regular people to discern what’s fact and what’s fiction.”
Polymarket hopes to address the social media problem of collecting correct statements into “collective knowledge,” as stated by the company. People with “educated opinion” will be able to benefit from betting on the Polymarket platform.
Built on Ethereum, Polymarket allows users to benefit from placing crypto bets on trending topics worldwide.
Image Credits: Pixabay
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