Fireplace, a crypto prediction markets trading terminal that raised $1.5 million in February, announced its shutdown on August 10, giving users until September 30, 2026 at 23:59 UTC to close positions and withdraw funds. Launched on January 27, the platform lasted only 195 days without providing any official explanation for its closure, despite building a community of over 30,000 traders on a waitlist. The pre-seed round was led by Frachtis with participation from White Star Capital and syndicate rounds on Legion and Echo. In the same sector, Kalshi raised $1 billion in May at a $22 billion valuation while Polymarket is reportedly in talks to raise $400 million at approximately $15 billion, highlighting a growing market contrasting sharply with Fireplace’s failure.
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