Intercontinental Exchange may invest $2 billion in Polymarket, boosting its return to U.S. users.
- Deal could value Polymarket at $10 billion
- Polymarket aims to regain access to U.S. users
- Trump Jr. joins advisory board to boost political ties
ICE Eyes Big Deal with Crypto Betting Platform
Intercontinental Exchange (ICE), owner of the New York Stock Exchange, is close to investing $2 billion in Polymarket. If the deal happens, it would value the crypto-powered platform at up to $10 billion. The announcement could come as soon as this week, according to recent reports.
Polymarket’s Push for U.S. Comeback
Polymarket has been blocked from operating in the U.S. since 2022, after a settlement with the Commodity Futures Trading Commission (CFTC). Earlier this year, the company bought a licensed exchange and clearing house to help it legally reenter the U.S. market.
The ICE investment may help Polymarket gain more trust with U.S. regulators. This is a key step toward allowing Americans to use the platform again.
What Polymarket Does
Founded in 2020, Polymarket lets users bet on the outcome of real-world events. These include politics, company earnings, and sports results. While users outside the U.S. can place bets, Americans currently cannot.
To grow its influence, Polymarket added Donald Trump Jr. to its advisory board in August. His investment firm also became a backer of the project.
Rising Popularity and Competition
Polymarket has gained traction in recent months. Data shows it handled $1.5 billion in volume last month, with $164 million locked on the platform. So far, it has raised $300 million from investors, including Founders Fund, a firm led by billionaire Peter Thiel.
But Polymarket is not alone. Kalshi, a rival in the prediction market space, raised $185 million over the summer and now boasts a $2 billion valuation. As these platforms grow, investor interest in crypto-based betting continues to rise.
Source: coindesk.com
