Polymarket started five years ago as a playful gambling platform, but is now growing into a serious player on Wall Street. One of the largest stock exchange companies in the world is betting billions on the blockchain-based prediction platform.
Wall Street embraces blockchain predictions
The Wall Street Journal reports that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), has announced an investment of up to $2 billion in Polymarket. The investment values the platform at approximately $8 billion.
What is Polymarket?
Polymarket is a decentralized platform where users can bet on the outcome of real events, such as elections, sports matches or whether an XRP spot exchange-traded fund (ETF) will be launched this year. It was founded in 2020, but only since last year has the platform grown explosively in use and fame.
Trading volume breaks records after Trump victory
Monthly trading volumes now reach billions of dollars, according to data from Dune Analytics. It peaked around Donald Trump’s victory with a volume of more than $2.5 billion in one month. The collaboration with Elon Musk, his artificial intelligence (AI) company xAI and social network X also gave Polymarket an extra push towards the general public.
ICE wants to use Polymarket data worldwide
According to ICE CEO Jeffrey Sprecher, the collaboration creates opportunities that only ICE and Polymarket can utilize together. In addition to the investment, ICE has plans to distribute Polymarket’s data worldwide. This information should provide insight into how people think about current events. The two companies also want to collaborate on new projects, such as converting traditional investments into digital tokens on the blockchain, also known as tokenization.
Polymarket clearly showed its ambitions with striking advertising on Wall Street: a huge blue banner with the logo adorned the facade of the New York Stock Exchange.
Polymarket value explodes in 4 months
The investment from NYSE parent company ICE is notable because Polymarket was valued at just $1 billion less than four months ago. Then the platform attempted to raise $200 million in a round led by tech investor Peter Thiel’s Founders Fund.
Source: https://newsbit.nl/nyse-eigenaar-steekt-2-miljard-in-crypto-bettingplatform-polymarket/
