The blockchain prediction market is preparing a return to the United States, since it looks a potential valuation of $ 10 billion, according to a Business Insider Friday report.
Key control:
- Polymket is planning a statement from the United States and looking for an assessment of up to $ 10 billion.
- The platform won a traction after precisely predict Trump’s 2024 victory, but faced regulatory setbacks.
- With the authorization of CFTC and the growing competition of Kalshi, Polymket is re -entering a career in the heated prediction market.
According to reports, the company is under discussions to raise new capital that could more than triple its last known assessment of $ 1 billion in June.
Polymarket allows users to exchange the results of real world events without depending on a centralized betting house.
Polymarket won attention after correctly predicting Trump’s victory in 2024
The Polymarket jumped to fame during the presidential elections of the United States of 2024, where its markets precisely predicted the victory of Donald Trump, which increases its reputation and user base.
In June, the firm was raising $ 200 million in a round led by the Fund of Founders of Peter Thiel. But its growth was previously limited by regulatory restrictions.
In 2022, Polymarket was forced to leave the USA. After an agreement with the Basic Products Trade Commerce (CFTC).
That changed in July when Polymket acquired Bass Florida Exchange QCX derivatives. Last month, QCX received a letter of non -action from the CFTC, offering relief of certain regulatory requirements.
The Polymket CEO, Shayne Coplan, said the letter “gives the green light platform to live in the United States.”
The movement indicates a new chapter in the increasingly competitive prediction prediction space. The Kalshi rival platform is also in the holders, according to reports, a financing round of $ 5 billion is approaching after obtaining $ 185 million earlier this year in an increase led by the paradigm.
Kalshi’s impulse accelerated after a 2024 judicial decision allowed him to offer political events contracts, a CFTC ruling initially disputed but then decreased.
The decision left Kalshi free to operate within the existing framework, giving it a regulatory advantage.
While both platforms have seen the user activity decrease from the 2024 electoral cycle, interest seems to be increasing.
The beginning of the NFL season has revived market commitment, with Kalshi processing $ 441 million in negotiation volume since week 1.
Kalshi demands Nevada and New Jersey for the prohibition of the sports contract
In March, Kalshi filed a lawsuit against the Nevada Games Control Board and the New Jersey Game Control Division, challenging the recent cessation and withdrawal orders that forced the company to suspend their contracts related to sports in both states.
Kalshi argues that his contracts are under the regulatory domain of the United States Product Future Trade Commission (CFTC), non -gaming regulators at the state level.
The company argues that its event contracts function as two -sided exchange markets, unlike the traditional sports betting models where the house establishes and controls the probabilities.
“Prediction markets are a critical innovation of the 21st century, and like all innovations, they are initially misunderstood,” said Kalshi co -founder Tarek Mansour.
“We are proud to be the company that has been a pioneer in this technology and be prepared to defend it once again in a court of justice.”
The legal dispute also occurs immediately after the additional regulatory pressure of Nevada, where officials issued a cessation and withdrawal order on Kalshi elections based on elections.
Recently, the CFTC announced that it is reviewing the prediction contracts related to the Super Bowl offered by Crypto.com and Kalshi Inc. to determine if they comply with federal laws of derivatives.
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