Peter Thiel’s venture capital firm, Founders Fund, has invested in Polymarket, a crypto-based prediction market, despite efforts by the US Commodity Futures Trading Commission (CFTC) to restrict activity on such platforms. Founders Fund’s investment in Polymarket is the first the firm has made in a platform facilitating event-betting contracts, according to Joey Krug, a partner at Founders Fund. This move comes following the CFTC’s proposed ban on derivatives betting on political contests and sports games, prompting Polymarket to pledge to wind down services in the US while continuing operations abroad. Election betting on Polymarket has seen significant activity, with over $170m wagered on US election events, and former President Donald Trump sharing Polymarket odds regarding his potential return to office. Founders Fund’s investment in Polymarket is valued at a lower level than previous discussions due to the company’s lack of revenue currently. However, CEO Shayne Coplan expressed confidence in the future of prediction markets, stating that she believed all the things that people wonder about and have opinions on would eventually have markets. Polymarket’s Board Chairman, J. Christopher Giancarlo, formerly headed the CFTC.
Founders Fund Backs Crypto Prediction Market Polymarket Despite CFTC Restrictions
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