2 min read
Prediction market Myriad has successfully closed its seed investment round with participation from investors including MoonPay, Walrus and Fundstrat co-founder Tom Lee.
Myriad co-founder and President Farokh Sarmad said that the investment round marks a “milestone” for the prediction market, which is owned and operated by Decrypt’s parent company Dastan.
Firms participating in the seed round include Verda Ventures, Auros, Igloo Inc, Side Door Ventures, EVG, MoonPay Ventures, Wave Financial, Walrus and OFR, with individual participants including crypto luminaries Seedphrase, Blondish and Pudgy Penguins CEO Luca Netz.
“We're truly excited and honored to have this group of investors joining us,” said Myriad co-founder and COO Ilan Hazan, adding that, “They're coming onto a cap table that already includes some of the most respected crypto investors in the space, such as ConsenSys, HashKey Capital, IOSG Ventures, and Hack VC.” He called the raise a “meaningful vote of confidence in our vision,” giving Myriad “the firepower to keep pushing hard on product, growth, and market expansion.”
The funds raised will be used to further develop Myriad’s prediction market offering. “Raising growth capital allows us to invest aggressively in product development, liquidity, and market expansion to build the infrastructure needed for this new frontier of information markets,” said the firm’s co-founder and CEO Loxley Fernandes, adding that, “We are in one of the most exciting tech races in recent memory.”
The news comes on the heels of Myriad’s Season 3 launch, which saw the prediction market migrate its catalog of event contracts to BNB Chain and adopt World Liberty Financial’s USD1 stablecoin as its exclusive settlement asset, creating a “faster, simpler, and more consistent prediction environment.”
In addition, Myriad recently announced it will be transitioning from an automated market maker liquidity model to a Central Limit Order Book (CLOB), enabling new features including slippage controls, limit orders, dynamic fees, and broader market information for users. The update also saw Myriad Wallet roll out across the platform, leveraging its integration with MoonPay to enable users to deposit in seconds with a simple user flow.
The raise will enable Myriad to iterate on these successes, said Farokh. “This raise unlocks a whole new phase of growth as we double down on building and scaling Myriad Markets,” he said. “We are grateful for the funds and investors who see and believe in our vision!”
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