According to the newest stories, crypto-based prediction platform Polymarket is getting ready for a brand new funding spherical that might see its valuation rise to $10 billion. This transfer to boost extra capital comes as the corporate prepares to relaunch within the United States.
On September 3, Polymarket CEO Shayne Coplan revealed on the social media platform X that the prediction website has acquired the inexperienced gentle from the Commodity Futures Trading Commission (CFTC) to launch within the United States.
Polymarket, which grew to become more and more widespread throughout the 2024 US presidential election, has been topic to regulatory scrutiny for almost all of this yr. However, this approval choice from the CFTC marks the conclusion of investigations into the prediction platform’s actions.
Prediction Platform To At Least Triple Its $1 Billion Valuation
According to a September 12 report by Business Insider, Polymarket is readying for an additional funding spherical that might triple its June valuation of $1 billion. Citing unnamed sources, the report acknowledged that at the very least one investor has provided a time period sheet to boost Polymarket’s valuation to as excessive as $10 billion.
The crypto-based prediction market reached “Unicorn” standing and a $1 billion valuation in June after finishing a $200 million funding spherical. Multiple stories revealed that the corporate’s final capital elevate was led by Peter Thiel’s Founders Fund—well-known for its early backing of startups like OpenAI, Paxos, and Palantir.
A separate report revealed that Polymarket has thought-about a proposal that may see its firm develop to as excessive as $9 billion. This report additionally claimed that the corporate’s main competitor, Kalshi, is closing in on a $5 billion valuation in a brand new funding spherical.
While exercise on Polymarket appears to hover round $1 billion after a $2.5 billion peak in November 2024, there are excessive hopes for the prediction market website upon its return to the US. However, the corporate nonetheless faces some restrictions in different international locations, together with Singapore, France, Thailand, and so forth.
Polymarket And Chainlink Build New Partnership
In a press launch on Friday, Chainlink disclosed its partnership with Polymarket to combine its oracle community into the prediction platform’s decision course of. The blockchain community claims that this collaboration will enhance the accuracy and pace of Polymarket’s market resolutions.
Sergey Nazarov, Chainlink co-founder, stated:
Polymarket’s choice to combine Chainlink’s confirmed oracle infrastructure is a pivotal milestone that tremendously enhances how prediction markets are created and settled. When market outcomes are resolved by high-quality information and tamper-proof computation from oracle networks, prediction markets evolve into dependable, real-time alerts the world can belief.
Chainlink joins Polymarket’s rising record of strategic partnerships, coming after the prediction platform’s collaboration with Elon Musk’s X to launch an built-in product that provides data-driven insights and suggestions to customers.
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