Share this article
Hedgehog Markets Raises $3.5M in Funding Round
The company is testing what will be the first predictions platform on Solana's blockchain.
Updated May 9, 2023, 3:22 a.m. Published Jul 27, 2021, 2:31 p.m.
Make us preferred on Google
Hedgehog Markets has raised $3.5 million in a funding round that included the Solana Foundation and Sam Bankman-Fried’s Alameda Research. (Bankman-Fried is a 29-year-old billionaire who founded the FTX crypto exchange.)
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The Hedgehog Markets site, which is in a testing phase with more than 6,000 registered users, will be the first prediction market platform to go live on Solana’s blockchain.
Decentralized prediction markets like Augur, Gnosis and Polymarket have gained some traction, but the team behind Hedgehog believes there’s still plenty of market share to capture, especially on Solana. These products allow users to open a betting market on blockchain-based platform.
According to George Yu, the founder of Hedgehog, the company’s decision to launch on Solana was based on the blockchain’s fast transaction speeds and low gas fees, which Yu believes is integral to Hedgehog’s goal of being the most user-friendly prediction platform for newcomers to the crypto sector.
Yu told CoinDesk that Hedgehog’s most popular markets in beta testing have been sports, politics, crypto and COVID-19.
Yu said the money raised in the seed round will be used to hire additional engineers, expand the platform’s product features and increase its user base.
More For You
Hong Kong continues to support local digital asset community growth, chief executive says
The government will continue to support a local crypto/Web3 agenda, Chief Executive John KC Lee said at Consensus.
What to know:
- Hong Kong Chief Executive John KC Lee said the government is committed to making the city a global hub for digital asset and Web3 innovation.
- Lee highlighted the "one country, two systems" framework, deep financial market liquidity and strong investor protections as key advantages for crypto development in the special administrative region.
- The Hong Kong Monetary Authority is close to issuing the first stablecoin licenses, while the Securities and Futures Commission is working to deepen virtual asset market liquidity.
Top Stories
