Polymarket, the crypto prediction platform, is gearing up for a massive funding round that could value the company at a whopping $10 billion! This comes right after getting the green light from the US Commodity Futures Trading Commission (CFTC) to operate in the US.
Regulatory Approval and Market Growth
The CFTC approval is huge news. Polymarket, which saw a surge in popularity during the 2024 US presidential election, has been under regulatory scrutiny for a while. This approval ends that uncertainty. The company already hit a $1 billion valuation earlier this year after a $200 million funding round led by Peter Thiel’s Founders Fund.
A Potential Tenfold Increase in Value?
Now, Polymarket is looking to triple, or even more, its valuation. Reports suggest at least one investor is offering a deal that could push the company’s value to $10 billion—a tenfold increase from its previous valuation! While trading volume has fluctuated, with a peak of $2.5 billion in November 2024 and currently hovering around $1 billion, the US relaunch is expected to significantly boost activity. It’s worth noting that some international restrictions remain in places like Singapore, France, and Thailand.
Partnering with Chainlink
Polymarket is also strengthening its position through partnerships. They’ve teamed up with Chainlink to integrate its oracle network. This will make Polymarket’s predictions faster and more accurate. Chainlink’s co-founder, Sergey Nazarov, called this a “pivotal milestone” for prediction markets. This follows their collaboration with Elon Musk’s X (formerly Twitter) to offer data-driven insights to users.
In short, Polymarket is poised for a major comeback, aiming for a significantly higher valuation and expanding its reach and capabilities with strategic partnerships.