Coindesk Logo

Hedgehog Markets Raises $3.5M in Funding Round

Hedgehog Markets Raises $3.5M in Funding Round

Hedgehog Markets Raises $3.5M in Funding Round

The company is testing what will be the first predictions platform on Solana's blockchain.

The company is testing what will be the first predictions platform on Solana's blockchain.

The company is testing what will be the first predictions platform on Solana's blockchain.

AccessTimeIconJul 27, 2021, 2:31 PM
Updated May 15, 2023, 1:45 PM

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.)

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.