Regulation
Vitalik Buterin, Founders Fund Back Polymarket in $45 Million Funding Round
Polymarket, a cryptocurrency-based prediction market platform, has raised $45 million in its recent Series B funding round. The round was supported by Peter Thiel’s Founders Fund, Ethereum creator Vitalik Buterin, and other key investors like 1confirmation, ParaFi, and Dragonfly Capital.
This finance brings Polymarket’s total to almost $75 million, which is the result of the $25 million raised in Series A and the $4 million raised in the seed round in 2020.
Major Investors Support Polymarket
Polymarket has received a lot of investment from high-profile investors, although it is now facing increased attention from the Commodity Futures Trading Commission (CFTC), the U. S. regulator. Shayne Coplan, the founder and CEO of Polymarket, said that the investment round was led by Founders Fund.
The money will be used for the further development and expansion of the platform, which has recently become very active as the U. S. presidential election approaches. Nevertheless, the actual sum for Polymarket in this deal was kept a secret.
Decentralized prediction market Polymarket completed a $45 million Series B round of financing, led by Founders Fund. Polymarket has raised a total of $70 million in two rounds of funding, with backers including Ethereum co-founder Vitalik Buterin. However, it has also been…
— Wu Blockchain (@WuBlockchain) May 14, 2024
The platform runs by permitting users to bet on the results of real-world events, from political elections to changes in regulations that affect cryptocurrencies. For instance, one of the most famous contracts on Polymarket right now is asking if the SEC will approve a spot exchange-traded fund for Ethereum by the end of the month, and the market predictions are pricing this possibility at 45%.
Expansion and Operational Strategy
As part of its plan to deal with the regulations and enlarge its market area, Polymarket has just hired Richard Jaycobs to be the head of market expansion. Jaycobs is well experienced in traditional finance (tradfi) firms, and he has the roles of the president of the Cantor Exchange and the CEO of The Clearing Corporation.
This action by Polymarket is a sign that the company is going to strengthen its operational framework and also expand its user base beyond the U. S. market in the face of previous penalties and settlements with the CFTC.
The Polymarket platform has already enabled more than $170 million in bets, especially in the U. S. presidential elections. This proves not only the platform’s ability to get a large number of users to be active but also its ability to produce more trustworthy forecasts and insights into public opinion compared to traditional polling methods.
Financial Outlook and Prospects
Although the regulatory bodies are the main hindrances of Polymarket´s growth, the company keeps on looking for ways to expand, especially in the international markets where the regulatory environment is more lenient.
Despite the fact that the company’s last financing round estimated it at a value that was lower than the anticipated $1 billion, it is now in a position to possibly regain and even exceed its previous valuation as it adjusts to the changing environment.
Going forward, Polymarket plans to leverage blockchain technology and stablecoins like USDC to handle transactions, which could streamline operations and reduce reliance on traditional financial systems.
Read Also: Ripple Lands New Partner To Build XRP Ledger EVM Sidechain
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Ripple whales have been highly active in recent hours, transferring large amounts of XRP tokens between unknown wallets. In total, 267,857,140 XRP, which, at the time of writing, was approximately $572,238,240, was transferred. These large XRP whales are believed to have a connection to Ripple’s ongoing legal battle and its on-demand liquidity (ODL) sales.
These massive transactions were potentially triggered by the decision of the SEC to lift the injunction against institutional sales for Ripple recently. As a result, Ripple can now proceed with its ODL business, likely contributing to the recent surge in large-scale XRP transfers.
Ripple Whales Move $572 Million
Whale Alert, has recently reported a flurry of XRP transfers. Four transactions were executed within a short span, and every swap was equal to 66,964,285 XRP, which amounts to about $143 million. These huge transactions have elicited quite a stir among the members of the crypto space regarding their size and the frequency.
While the reason behind the transfers is still uncertain, a large volume of XRP moving to unknown wallets could be tied to Ripple’s operations. Given that these moves occurred after the SEC has decided to remove the injunction on Ripple’s institutional sales, a correlation between Ripple’s liquidity management and institutional sales has emerged.
Such large movements have also attracted the attention of the market observers to think that Ripple may be gearing up for expansion of its ’on-demand liquidity’ solution. This could explain why this wave of whale is being observed today based on the firm’s capacity to continue with these institutional sales.
Ripple Legal Victory and Influence on XRP Transactions
Ripple’s legal situation with the U.S. Securities and Exchange Commission (SEC) has been a key factor influencing the company’s operations. Recently, as part of Ripple’s decision to drop its cross appeal against the SEC, the Commission agreed to remove the injunction that had previously restricted Ripple from conducting institutional sales of XRP. This decision paves the way for Ripple to resume its on-demand liquidity services, a core part of its business.
This movement should help Ripple expand the availability of liquidity solutions and its penetration in the international markets. The absence of the injunction will allow Ripple to transact with more XRP with institutional clients, which may be fueling the whale activities.
Subsequently, since Ripple’s ODL platform focuses on large XRP transactions, whales are likely to be engaged in this kind of activity as they provide liquidity. At the same time, Coinbase Derivatives has submitted new applications with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify XRP futures contracts.
XRP Price Trend Amid Whale Movements
XRP’s recent market behavior also reflects these developments, with the cryptocurrency showing signs of strength. According to crypto analyst Casi Trades, after reclaiming the $2.05 support level, XRP price trend has set its sights on the next key resistance level at $2.24.
This level is particularly significant, as it aligns with both the macro and micro wave structures of XRP’s price movements.
Experts are keeping a close eye on XRP’s price action, with some predicting that the currency could break out of its current resistance levels and potentially reach new highs. The next levels to watch include $2.70, $3.05, and eventually $3.80, which could mark a new all-time high for XRP price.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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