- Polymarket is in initial talks to raise funds at a valuation between $12 billion and $15 billion.
- This potential valuation marks a nearly 10-fold increase from its $1 billion valuation just four months ago.
- Intercontinental Exchange (ICE) plans to invest up to $2 billion in Polymarket at an $8 billion valuation.
- Polymarket and its main competitor Kalshi are both expanding partnerships with major brands like DraftKings and the National Hockey League (NHL).
- Weekly trading volume in prediction markets surpassed $2 billion in mid-October, with Polymarket handling over $1 billion and Kalshi nearly $950 million.
Polymarket, a prediction market platform, is currently in early discussions with investors to raise capital at a valuation ranging from $12 billion to $15 billion. This potential funding round would represent a substantial increase from just four months ago when the company was valued at $1 billion.
In June, Polymarket completed a $200 million funding round led by Peter Thiel’s Founders Fund. More recently, its parent company, Intercontinental Exchange (ICE), the operator of the New York Stock Exchange, announced its plan to invest up to $2 billion at an $8 billion valuation.
Meanwhile, Kalshi, another prediction market company, is also seeking new funding that could value it at over $10 billion. This follows its recent raise of $300 million at a $5 billion valuation just weeks ago.
Polymarket has also broadened its network of partners. Its CEO, Shayne Coplan, revealed that DraftKings will use the platform as a clearinghouse for its entry into prediction markets. Additionally, the National Hockey League (NHL) has signed multiyear agreements naming both Polymarket and Kalshi as official prediction market partners.
Further integration was announced by OpenAI CEO Sam Altman’s digital identity project, World (formerly Worldcoin), which has incorporated the Polymarket app into its World App. This mobile application combines a digital wallet with World’s decentralized identity tool, World ID.
Global interest in prediction markets has surged, with weekly trading volumes exceeding $2 billion for the first time in mid-October. According to Dune Analytics, Polymarket accounted for over $1 billion, or 52.3% of this activity, while Kalshi made up about $950 million, or 47%.
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