In brief
- Stablecoin startup P2P.me went viral on X after apologizing for placing Polymarket wagers on its own fundraising efforts.
- P2P.me’s biggest backers were unaware of the company’s recent wagers, two people familiar with the matter told Decrypt.
- The wagers were placed around the time that Polymarket updated its rules to prohibit insider trading, including by those who can influence markets’ outcomes.
P2P.me was established to push boundaries with stablecoins, but the startup has determined that wagering on itself via Polymarket may have been a bridge too far.
On Saturday, the firm backed by Coinbase Ventures and Multicoin Capital apologized for speculating on its latest fundraising round using the prediction market, describing the…
