Polymarket was founded in 2020 by Shayne Coplan in New York City. It is a decentralized prediction market platform that allows users to trade on the outcomes of real-world events using cryptocurrency. The platform operates on the Polygon blockchain and utilizes USDC stablecoin to enable secure, low-fee transactions. Polymarket offers markets across topics such as politics, sports, economics, and pop culture.

The idea for Polymarket came from a belief that traditional polling and forecasting methods were outdated and lacked financial incentives for accuracy. The platform quickly gained popularity, especially during high-profile global events. It surged in usage during the 2024 U.S. presidential election, with more than $3.2 billion in total volume traded across its markets.

Despite its success, Polymarket has faced scrutiny from regulators. In 2022, the CFTC fined the company $1.4 million for operating an unregistered market. Later, in 2024, the FBI raided Coplan’s Brooklyn apartment as part of an ongoing investigation into compliance with U.S. trading laws. These events, however, did not stop the company’s growth.

To date, Polymarket has raised $165 million across four funding rounds. Investors include Founders Fund, General Catalyst, Polychain Capital, Vitalik Buterin, and Animoca Brands. The company’s headquarters is located in Gowanus, Brooklyn, and it maintains a distributed team spanning four continents.

Polymarket continues to operate as one of the most prominent platforms for decentralized forecasting, positioning itself at the intersection of crypto, governance, and information markets.