Intercontinental Exchange (ICE), the company behind the New York Stock Exchange (NYSE), has made a significant investment of $2 billion in Polymarket, raising the valuation of the crypto-based prediction market to $9 billion.

According to a recent tweet from Polymarket, this investment marks ICE’s notable entry into the cryptocurrency sector. The NYSE, recognized as the largest stock exchange globally, valued at over $25 trillion as of July 2024, is adapting to evolve alongside digital finance and cryptocurrencies.

Polymarket functions as a prediction market where users can trade shares based on the outcomes of various real-world events—ranging from elections to sports outcomes—with prices reflecting collective market sentiments. Notably, transactions usually settle in stablecoins but face restrictions on U.S. user participation due to regulatory issues.

Polymarket’s Upcoming US Launch

Additionally, reports indicate Polymarket is poised for a relaunch within the U.S., potentially increasing its valuation to $10 billion. This comes after the Commodity Futures Trading Commission (CFTC) earlier allowed Polymarket some regulatory leeway.

This investment follows an intense period for Polymarket, including legal scrutiny and a raid by the FBI on CEO Shayne Coplan’s residence in 2024. In recent developments, Polymarket has also welcomed Donald Trump Jr. to its advisory board following a capital boost from 1789 Capital, the financial specifics of which remain undisclosed but are rumored to be in the millions.