Polymarket, a popular crypto-based prediction market, has raised $70 million in funding from Founders Fund and Ethereum (CRYPTO:ETH) co-founder Vitalik Buterin.

The platform, known for enabling betting on political events, has attracted significant investment despite restrictions and bans proposed by the Commodity Futures Trading Commission (CFTC).

Led by 25-year-old founder Shayne Coplan, Polymarket has seen a surge in betting volume, particularly on the upcoming U.S. presidential elections, despite regulatory challenges.

While the platform is not currently generating revenue, it aims to expand its global operations, targeting non-U.S. markets in the short to mid-term.