Ethereum Co-founder and PayPal Co-founder Invest $70M in Polymarket

Ethereum Co-founder and PayPal Co-founder Invest $70M in Polymarket

Theodora Kovac
2 min read

Vitalik Buterin and Peter Thiel Back Polymarket with $70 Million Investment

Ethereum co-founder Vitalik Buterin and PayPal co-founder Peter Thiel have recently injected $70 million into Polymarket, a decentralized prediction platform encompassing culture, technology, news, and politics. Series B funding for Polymarket secured $45 million led by Thiel's Founders Fund and an additional $25 million from General Catalyst and Polychain, driving its total predictions to $202.7 million this year. The platform's appeal as an alternative news source has garnered attention from eminent figures such as OpenAI CEO Sam Altman and former President Donald Trump. This investment signifies the burgeoning momentum of crypto initiatives in the US, despite grappling with regulatory hurdles.

Key Takeaways

  • Buterin and Thiel invest $70 million in Polymarket, spurring a total of $202.7 million in predictions this year.
  • Polymarket raises $45 million in a Series B round led by Thiel's Founders Fund and secures an additional $25 million from General Catalyst and Polychain.
  • The platform serves as an alternative news source and has managed $170 million in wagers on US election-related events.
  • The investment signals momentum for crypto initiatives in the US despite regulatory challenges.
  • The funding follows a $3.5 million seed investment in Bitcoin lending startup Zest Protocol, led by Tim Draper.


The funding infusion in Polymarket by Buterin and Thiel underscores the mounting traction of decentralized prediction platforms. This substantial financial endorsement, spearheaded by Thiel's Founders Fund and bolstered by General Catalyst and Polychain, underscores the impetus for crypto initiatives in the US despite regulatory turbulence. Polymarket's emergence as an alternative news source, attracting eminent users like Sam Altman and Donald Trump, showcases its potential to disrupt traditional news dissemination platforms.

The implications encompass heightened mainstream adoption of cryptocurrencies and decentralized finance, potentially influencing regulatory policies. In the short term, an influx of investments in analogous platforms and crypto ventures is foreseeable. Over the long term, this could precipitate a transformation in financial markets, news diffusion, and prediction market mechanisms. Organizations like Founders Fund, General Catalyst, and Polychain, coupled with countries backing crypto initiatives, stand to reap the benefits of this advancement.

Did You Know?

  • Decentralized prediction platform: This blockchain-based application enables users to forecast event outcomes and speculate on these predictions. It operates without a central authority, relying on smart contracts for prediction facilitation and settlement. Polymarket exemplifies such a platform, focusing on culture, technology, news, and politics.
  • Series B fundraising: This funding round is earmarked for companies seeking to expand their operations, enter new markets, or develop new products, having already secured initial funding. In Polymarket's case, $45 million was procured in this round, led by Thiel's Founders Fund, indicating significant growth and expansion potential.
  • Bitcoin lending startup Zest Protocol: This venture specializes in Bitcoin lending, facilitating lending and borrowing of Bitcoin. Tim Draper led a $3.5 million seed funding for the company, signifying his confidence in the Bitcoin lending market and Zest Protocol's potential for success.

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