Polymarket is seeking to raise funding in a round that would triple the prediction market platform’s valuation to $3 billion, according to sources cited by Business Insider.

The crypto-based betting platform, which gained prominence during the 2024 US presidential election, is looking to capitalize on its recent surge in trading volume and user activity. The company’s current valuation would need to increase significantly from its previous funding round to reach the $3.0 billion target.

Polymarket allows users to bet on the outcomes of real-world events using digital assets, from political elections to economic indicators and cultural phenomena. The platform operates on the Polygon blockchain and has attracted both retail traders and institutional participants.

The funding round comes as prediction markets have drawn increased attention from regulators and investors. Polymarket has faced scrutiny from US authorities over its operations, though it continues to serve users in permitted jurisdictions.