Polymarket’s Chief Marketing Officer, Matthew Modabber, announced that the platform will eventually introduce a token, but emphasized that launching a US-facing version of the Polymarket app takes precedence. This confirmation came along with significant funding news, as the prediction market secured a monumental $2 billion investment from Intercontinental Exchange (ICE), which is the parent entity of The New York Stock Exchange, back in October, valuing the company at $10 billion.

Modabber stated:

“Why rush a token if you need to prioritize the US app? We’ve been dying for this app for the past five years. A lot has happened because of this, you know, because there’s regulatory [issues] and whatnot.”

Translation: “Why rush a token if you need to prioritize the US app? We’ve been eager for this app for the past five years. A lot has occurred due to this, considering the regulatory challenges and other issues.”

As Polymarket and its rival, Kalshi, gained popularity in 2024, they drew in users unfamiliar with cryptocurrency, effectively bridging traditional finance with digital assets and blockchain technology.

Related: Prediction markets reach new heights as Polymarket integrates into Sam Altman’s ecosystem.

Polymarket’s Value Set to Rise with New Partnerships

Moreover, Polymarket is in discussions for additional investments that may boost its valuation to $15 billion, while entering collaborative agreements with sports organizations, including the NHL in the US and sports betting firms.

Recently, the platform finalized an agreement with DraftKings to enhance its clearinghouse services. This collaboration addresses the deficiencies in infrastructure faced by DraftKings and similar companies regarding trade verification and holding the necessary on-chain collateral to maintain robust liquidity amid significant trading volumes.

Notably, the competing platform Kalshi is reportedly seeking to raise $300 million to expand its operations internationally across 140 countries.

The surge in prediction market participation can be traced to the 2024 US elections, with trading volumes ballooning by over 565% in Q3 2024, despite the challenges posed by regulatory scrutiny.

Industry experts now assert that prediction markets serve as a more reliable indicator of outcomes compared to traditional polling and expert opinions, enhancing public access to vital information.

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