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

Prediction market Polymarket is seeking to raise $50 million, according to The Information, citing people familiar with the matter. Polymarket is also considering issuing its own tokens. If Polymarket goes ahead with its offering, investors in the proposed round would receive warrants that entitle them to purchase tokens. Polymarket will allegedly use the potential tokens “as a way for users to verify the outcomes of real-world events.” It’s unclear whether this would be in addition to or in lieu of UMA Protocol, the “oracle” service Polymarket uses to settle markets and adjudicate disputes through community voting. The Information did not mention UMA, nor did it specify whether investors in the proposed $50 million round would receive equity or just token warrants, nor did it mention Polymarket’s valuation (which has not been disclosed). However, Polymarket has not made a final decision, and there is still no clear timeline for the token offering. Polymarket’s monthly trading volume hit an all-time high of $472 million in August, and this month is on track to be at least second in volume, with $397 million traded as of Monday, according to Dune Analytics. (CoinDesk)