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Ex-Polymarket Executive Secures $15M from Coinbase and USV for Rival Prediction Market

The team behind Polymarket’s former platform has raised $15 million in seed funding to build a new decentralized prediction market with regulatory compliance, backed by Coinbase Ventures and Union Square Ventures.

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Summary

The team behind Polymarket’s former platform has secured $15 million in seed funding, co-led by Union Square Ventures and Coinbase Ventures, to develop a decentralized, on-chain prediction market that targets retail users. Other investors include Haun Ventures, Variant, and Compound.

Terms & Concepts
  • Prediction Market: A platform where users can trade contracts based on the outcomes of future events, effectively betting on real-world occurrences.
  • Polymarket: A decentralized prediction market platform that enables users to trade on the outcomes of various global events.
  • Coinbase Ventures: The investment arm of Coinbase, focused on funding early-stage cryptocurrency and blockchain startups.