Blockchain prediction platform Polymarket is nearing a significant funding round of $200 million, projected to elevate its valuation to $1 billion, as reported by The Information.

• This funding round is led by Peter Thiel’s Founders Fund, with the total amount including an additional $50 million from previously undisclosed funds.
• In May, Polymarket experienced a surge in user engagement, attracting 15.9 million visits and exceeding the traffic of competitors like FanDuel and DraftKings. The platform facilitated $8 billion in bets throughout the U.S. election cycle.
• Recently, Polymarket established a partnership with Elon Musk’s xAI, making it the official prediction market for the company, and is considering launching its own token.

According to SimilarWeb, the site’s May traffic figures marked a record high, demonstrating Polymarket’s growing influence in the betting market as it continues to predict events with impressive accuracy, reportedly up to 94%.