Blockchain-powered prediction platform, Polymarket has revealed that it is close to netting a $2 billion investment from Intercontinental Exchange (ICE). The company confirmed the development on Tuesday through a post on its official X page.
As revealed, ICE is the parent company behind the New York Stock Exchange and the investment effort is an attempt to bring prediction markets into the financial mainstream. In the post, the on-chain prediction platform said the investment will help it build the next evolution of markets.
While Polymarket failed to give deep insight into the deal, a recent report by the Wall Street Journal indicated that the investment could manifest as soon as today. In the report, WSJ established that the investment has the potential to skyrocket the value of Polymarket to between $8 billion to $10 billion.
More so, the completion of the initiative will see the leading operator of one of the biggest exchanges own a noticeable stake in Polymarket. The CEO of Polymarket, Shayne Coplan said the financial backing is a huge leap forward for the decentralized finance space.
Likewise, the latest investment from ICE could trigger a stern competition among leading on-chain prediction platforms. One of the closest rivals of Polymarket, Kalshi is also seeking to raise funds and improve its offerings.
Polymarket aims to re-enter US market
Currently, ICE has a massive market valuation of $90 billion, which makes it one of the biggest financial giants. Hence, Polymarket aims to tap into the market credibility of its latest investor to re-enter the US market.
Recall that in 2022, Polymarket left the US market after reaching a settlement with regulators. The company’s market exit occurred due to the regulatory uncertainty that rocked the US market which forced many crypto companies to leave as well.
However, the emergence of Donald Trump as US president sparked new hope for crypto businesses in the country including Polymarket. Compliance action against the on-chain prediction site from the Department of Justice and Commodities Futures Trading Commission (CFTC) has so far ended under the Trump administration.
Recently, Trump’s son, Donald Trump Jr., joined the company’s advisory board after investing in the prediction platform through 1789 Capital. Furthermore, the relaxed approach from regulators has boosted Polymarket’s confidence to return to the US market.
In preparation for the return, Polymarket acquired a US-licensed exchange, QCX for $122 million in July.
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