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Polymarket: native token coming soon?
By Davide Grammatica
Onchain betting platform Polymarket is reportedly considering launching its own native token: the $50 million plan
A new token for Polymarket?
According to rumors re-launched by The Information, Polymarket is reportedly considering the launch of its own native token to reshape the management of its onchain betting platform.
The deal aims to raise about $50 million so that the token can later be launched to interested users. More specifically, the anonymous sources reported speak of an investment round that will allow participants to obtain a “pass” to purchase the new token (but only at a later date).
The token in question could then likely be leveraged to “place” bets, as in fact is already being done now with respect to various events. In fact, for those less familiar with the subject, as is already the case with the U.S. elections, which on Polymarket have been the “central” topic for several months having raised, for this bet alone, nearly $1 billion.
The platform, however, has not yet taken a public position on the issue, so there can be no “launch guarantee” yet.
Polymarket's developments
What is certain is that Polymarket is aiming for an evolution of the project. Tangible evidence is the latest $45 million investment round closed last May thanks to the likes of Peter Thiel’s Founders Fund, 1confirmation, and ParaFi. And the interest in the development of the platform by prominent figures such as Vitalik Buterin and Kevin Hartz (founder of Eventbrite) is well known.
Although it was founded in 2020, Polymarket has taken a leading role in the crypto world right around the time of the last U.S. elections. The participation of such a large number of users in this “bet” has made the platform a very useful tool for gauging the intentions of the U.S. electorate, and it is not ruled out that it may help with other issues in the future as well.
