Polymarket, a crypto-based betting platform, has raised $70 million in funding led by Founders Fund and Vitalik Buterin, despite facing regulatory challenges in the U.S.

The fundraising effort, particularly the Series B round spearheaded by Founders Fund, underscores growing interest in event-betting contracts, especially surrounding the 2024 U.S. presidential elections.

Despite regulatory hurdles, Polymarket has thrived, attracting significant betting volume and over $170 million in wagers on upcoming events.

Led by founder Shayne Coplan, Polymarket remains focused on expanding globally, aiming to tap into markets beyond the U.S. despite regulatory constraints.

While regulatory setbacks have impacted Polymarket's valuation, the platform's commitment to innovation and its growing popularity among users highlight its resilience in the face of challenges.