Polymarket, a decentralized data marketplace, has closed a $4 Mln funding round led by Polychain Capital.
Revealed earlier on Monday, the round was joined by a number of the industry’s renowned advocates and investors like former AngelList CEO Naval Ravikant, former Coinbase CTO Balaji Srinivasan, CoinShares CSO Meltem Demirors, among others.
The startup said the investment will help it move to stage 2 of its beta release, which can remove technical complexities and make it easier for mainstream users to onboard and trade on the platform.
Polymarket is meant to let users place cryptocurrency bets on hotly debated topics, starting from politics as well as health through to business and science.
The platform’s trading activity becomes actionable insights and may also help hold to account those pumping disinformation within the news cycle, consistent with the announcement.
Additionally, Polymarket allows those with an “educated opinion” to take advantage of correct statements and aggregates the info into what the corporate calls “collective knowledge.”
Platform users can cross-check market activity against current news to raised determine the reality of a given subject or statement, Polymarket added.
“One of the major issues with social media and discourse on the web today is the lack of accountability,” Polymarket founder Shayne Coplan added. “Everyone has an opinion and isn’t afraid to share it.”
“At the instant, there’s little downside to being wrong; this makes it really hard for the normal people to discern what’s fact and what’s fiction,” Coplan added. “2020 has showcased just how bad the results of this will be.”
Within the 3-months since its beta launch, Polymarket is claimed to possess seen over $1 Mln in trading volume.