Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE), has made a significant leap into the cryptocurrency sector by investing $2 billion into Polymarket, a crypto-based prediction market. This investment results in a post-money valuation of $9 billion for Polymarket.
According to a recent Polymarket tweet, this substantial investment connects traditional financial avenues with the evolving cryptocurrency landscape.
Polymarket
Source: Polymarket
The NYSE stands as the world’s leading stock exchange, boasting a market cap exceeding $25 trillion as of July 2024. Polymarket operates as a decentralized platform where users can trade “shares” based on anticipated outcomes of real-life events, often settling transactions in stablecoins. Notably, access for U.S. participants remains restricted due to government regulations.
Polymarket Homepage
Source: Polymarket
Upcoming Plans for Polymarket
The investment also coincides with reports indicating that Polymarket is gearing up for its U.S. relaunch, potentially valuing the company at $10 billion. In September, the CFTC issued a relief letter to QCX, granting Polymarket exemption from certain federal obligations - a departure from previous regulatory actions, particularly following the FBI’s raid on the company’s CEO, Shayne Coplan, in 2024.
In August, Polymarket also welcomed Donald Trump Jr. to its advisory team after securing an investment from 1789 Capital.
Related reading: Polymarket faces scrutiny over $7M Ukraine mineral deal bet
