Decentralized prediction market platform – Polymarket is in a new round of funding that could see the platform balloon in valuation as it readies for a highly anticipated launch in the US.
The new funding round is projected to significantly boost its valuation and potentially triple the $1 billion valuation it achieved in an earlier funding round that closed just this summer.
Polymarket soars in valuation amid expansion in the US
According to Business Insider, which cited two sources familiar with the issue, investor interest in the platform has surged amid indications that one investor is offering a term sheet valuing the platform at as much as $10 billion.
This comes on the back of news that the platform is close to entering the US market. One of the sources revealed that the valuation is, however, still in flux. The platform’s spokesperson did not comment on the matter.
The news comes as Polymarket’s chief executive officer, Shayne Coplan, earlier this month made a major announcement on the X platform that regulators had given it “the green light to go live in the USA” in a major development that would open it to an immense new user base.
The company has been making several strategic moves in that regard. Last month, Donald Trump Jr. joined its advisory board, and 1789 Capital, the company where he is a partner, made a strategic investment in the company.
At that time, Trump Jr. said in a statement that: “Polymarket is the largest prediction market in the world, and the US needs access to this important platform.”
Partnership with Chainlink gels with the US expansion initiative
Polymarket was founded in 2020 by Shayne Coplan. It allows users to bet on the outcomes of real-world events utilizing cryptocurrency. It gained attention last year during the US presidential election when its markets managed to correctly predict a victory for President Trump, a forecast that ran counter to many traditional polls.
Outside politics, the platform’s markets cover a wide range of topics, from sports outcomes to pop culture events, such as the potential engagement of Travis Kelce and Taylor Swift.
Despite its global popularity, the platform has been barred from operating in the US until now. Polymarket’s previous financing round was led by Peter Thiel’s Founder’s Fund, which valued the platform at $1 billion and brought its total funding to $255 million, according to Pitchbook data.
Meanwhile, Polymarket is gearing for a major move, partnering with Chainlink signals a push for trust and accuracy as their US strategy heats up, according to Alva on the X platform. As reported by Cryptopolitan earlier, Polymarket and Chainlink have announced an integration standard into Polymarket’s resolution process.
The report further explains that this partnership will focus on enhancing the accuracy and speed of asset pricing resolutions.
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Source: https://www.cryptopolitan.com/polymarket-valuation-surges-on-funding-round/
