Polymarket: Upcoming Token But Focused on US Launch First

Polymarket: Token will come, but US launch comes first

Polymarket is set to introduce a token, as confirmed by Chief Marketing Officer Matthew Modabber on Thursday. However, the primary focus will be on launching the Polymarket App for US users.

The prediction market platform recently received a significant investment of $2 billion from Intercontinental Exchange (ICE), the parent company of The New York Stock Exchange, boosting its valuation to $10 billion. Modabber highlighted that Polymarket, along with its competitor Kalshi, gained mainstream attention in 2024, attracting individuals unfamiliar with cryptocurrencies into the realm of digital assets and blockchain technology.

Polymarket CMO Matthew Modabber confirms the upcoming token and developments at Polymarket. Source: Against The Odds

Key Takeaways

Polymarket will launch a token eventually, but the immediate focus is on the US-facing app.
The platform received a $2 billion investment, elevating its valuation to $10 billion.
Prediction markets are increasingly becoming popular, bringing new users into the cryptocurrency space.
Polymarket is negotiating additional funding that may raise its valuation to $15 billion through partnerships with sports organizations.

Polymarket Valuation Expected to Rise with New Partnerships

Polymarket is in discussions to secure further funding, which could enhance its valuation to $15 billion. The company is also establishing partnerships with various sports organizations, including the National Hockey League (NHL) in the United States, and collaborating with sports book operators.

Recently, Polymarket signed an agreement with DraftKings, a well-known sports betting platform, to provide clearinghouse services. DraftKings and other sports betting entities face challenges related to verifying trades and maintaining on-chain collateral, which is essential for ensuring enough liquidity to support billions of dollars in trading activity.

Polymarket founder Shayne Coplan (left) and Intercontinental Exchange CEO Jeffrey Sprecher (right) following $2 billion deal. Source: Shayne Coplan

In addition, competitor Kalshi is reportedly seeking to raise $300 million to facilitate its expansion into new markets, potentially reaching up to 140 countries.

Prediction markets surged in popularity during the 2024 US elections, with trading volume on prediction platforms increasing by more than 565% in Q3 2024. Despite facing regulatory challenges, crypto industry leaders believe that prediction markets provide a more accurate gauge of outcomes than traditional experts or polling methods, offering a public good that enhances access to information.

Related: Prediction markets reach new milestones as Polymarket enters Sam Altman’s World

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