Hedgehog Markets has raised $3.5 million in a funding spherical that included the Solana Basis and Sam Bankman-Fried’s Alameda Analysis. (Bankman-Fried is a 29-year-old billionaire who based the FTX crypto alternate.)

The Hedgehog Markets website, which is in a testing part with greater than 6,000 registered customers, would be the first prediction market platform to go dwell on Solana’s blockchain. 

Decentralized prediction markets like Augur, Gnosis and Polymarket have gained some traction, however the crew behind Hedgehog believes there’s nonetheless loads of market share to seize, particularly on Solana. These merchandise permit customers to open a betting market on blockchain-based platform.

In line with George Yu, the founding father of Hedgehog, the corporate’s determination to launch on Solana was based mostly on the blockchain’s quick transaction speeds and low gasoline charges, which Yu believes is integral to Hedgehog’s objective of being essentially the most user-friendly prediction platform for newcomers to the crypto sector. 

Yu instructed CoinDesk that Hedgehog’s hottest markets in beta testing have been sports activities, politics, crypto and COVID-19.

Yu stated the cash raised within the seed spherical might be used to rent further engineers, increase the platform’s product options and improve its person base.