Polymarket will finally launch a token, Chief Advertising Officer Matthew Modabber confirmed on Thursday, however it’s going to take a backseat to launching the US-facing Polymarket App.
The prediction market platform secured a $2 billion funding from Intercontinental Trade (ICE), the dad or mum firm of The New York Inventory Trade, in October at a $10 billion valuation. Moddaber stated:
“Why rush a token if you might want to prioritize the US app? We have been dying for this app for the previous 5 years. Rather a lot has occurred due to this, you understand, as a result of there’s regulatory [issues] and whatnot.”
Prediction markets Polymarket and its competitor Kalshi turned mainstream in 2024, attracting people who’re non-crypto natives into the world of digital property and blockchain know-how.
Associated: Prediction markets hit new excessive as Polymarket enters Sam Altman’s World
Polymarket valuation set to extend as prediction market indicators partnership offers
Polymarket can also be in talks to safe extra funding that would worth the corporate at a $15 billion, because it continues to ink partnerships with sports activities organizations just like the Nationwide Hockey League (NHL) in the US and sports activities guide operators.
The corporate lately signed a cope with DraftKings, a sports activities betting platform, to offer clearinghouse companies.
DraftKings and different sports activities betting corporations lack the infrastructure to confirm trades or maintain onchain collateral that ensures the system stays liquid sufficient to help billions of {dollars} in buying and selling quantity.
Rival platform Kalshi can also be reportedly in talks to increase $300 million to broaden the corporate into new jurisdictions, probably spanning 140 nations.
Prediction markets turned a cultural phenomenon through the 2024 US elections. Buying and selling quantity throughout prediction platforms surged by over 565% in Q3 2024, regardless of the regulatory headwinds confronted by the nascent sector.
Crypto business executives and buyers now say that prediction markets are a extra correct barometer for outcomes than specialists or polling and are a public good that democratizes entry to data.
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