NYSE Owner Nears $2 Billion Investment in Polymarket

According to a report in the New York Stock Exchange Bulletin, Intercontinental Exchange (ICE) is in the process of investing $2 billion in a crypto-backed prediction market named Polymarket. It is stated that this investment could raise the platform's value to $10 billion.

Polymarket was founded in 2020 as a platform that allows users to bet on future events. The platform enables predictions on a wide range of topics such as politics, economy, company performances, and sports events. However, following an agreement with the Commodity Futures Trading Commission (CFTC) in 2022, it closed its doors to U.S. users.

The investment is thought to facilitate Polymarket’s return to the U.S. market. During this process, Polymarket aims to expedite its return by acquiring a licensed exchange and trading venue. Additionally, it continues to strengthen its political relationships; Donald Trump Jr. joined the advisory board this summer and became one of the investing firms.

When annual data is examined, it is seen that Polymarket reached a trading volume of $1.5 billion last month and its total value was $164 million. The company has so far received $300 million in investments, among which is Peter Thiel’s venture capital firm Founders Fund.

Competing platform Kalshi has been attracting attention with its increasing trading volume in recent months and reached a valuation of $2 billion after receiving $185 million in investment during the summer.