Polymarket will eventually launch a token, Chief Marketing Officer Matthew Modabber confirmed on Thursday, but it will take a backseat to launching the US-facing Polymarket App.
The prediction market platform secured a $2 billion investment from Intercontinental Exchange (ICE), the parent company of The New York Stock Exchange, in October at a $10 billion valuation. Moddaber said:
“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.”
Prediction markets Polymarket and its competitor Kalshi became mainstream in 2024, attracting individuals who are non-crypto natives into the world of digital assets and blockchain technology.
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Polymarket valuation set to increase as prediction market signs partnership deals
Polymarket is also in talks to secure additional funding that could value the company at a $15 billion, as it continues to ink partnerships with sports organizations like the National Hockey League (NHL) in the United States and sports book operators.
The company recently signed a deal with DraftKings, a sports betting platform, to provide clearinghouse services.
DraftKings and other sports betting companies lack the infrastructure to verify trades or hold onchain collateral that ensures the system stays liquid enough to support billions of dollars in trading volume.
Rival platform Kalshi is also reportedly in talks to raise $300 million to expand the company into new jurisdictions, potentially spanning 140 countries.
Prediction markets became a cultural phenomenon during the 2024 US elections. Trading volume across prediction platforms surged by over 565% in Q3 2024, despite the regulatory headwinds faced by the nascent sector.
Crypto industry executives and investors now say that prediction markets are a more accurate barometer for outcomes than experts or polling and are a public good that democratizes access to information.
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