Peter Thiel’s Fund Backs Election Betting Despite US Clampdown

Peter Thiel’s venture-capital firm Founders Fund is betting on one of the largest crypto-based prediction markets even as a key US regulator steps up efforts to restrict activity on such platforms.

Polymarket has raised $70 million across two rounds, with the most recent raise led by Founders Fund, a spokesperson said. The company, which also counts Ethereum co-founder Vitalik Buterin among backers, has been attracting users predicting the outcome of various events, with bets on the 2024 US presidential elections turning into the most popular contract on its platform.

Peter Thiel

Photographer: Eva Marie Uzcategui/Bloomberg

The new investment comes on the heels of a ...