- Prediction market Polymarket is reportedly preparing for a US launch with a new funding round that could value the company at up to US$10 billion, a significant jump from its US$1 billion valuation just three months ago.
- The company is in a heated rivalry with competitor Kalshi, which is also close to securing a new funding round that could value its platform at around US$5 billion, a doubling of its previous valuation.
- Last month, Polymarket’s trading volume was approximately US$1 billion, just ahead of Kalshi’s US$875 million, as both platforms gain visibility through event-driven markets.
Polymarket is preparing a US launch that could value the blockchain-powered prediction market at up to US$10 billion (AU$15.25 billion), according to a report from Business Insider. The company is seeking new funding that would more than triple its June valuation of US$1 billion (AU$1.53 billion).
Related: Kyrgyzstan Approves Bill to Establish State Cryptocurrency Reserve
The platform, which rose to prominence during the 2024 U.S. presidential election, raised US$200 million (AU$305 million) in June in a round led by Peter Thiel’s Founders Fund, an early backer of OpenAI, Paxos, and Palantir.
Kalshi vs. Polymarket
Rival platform Kalshi is also in the spotlight. It is reportedly close to securing a US$5 billion (AU$7.62 billion) funding round, following a US$185 million (AU$282 million) raise in June at a US$2 billion (AU$3.05 billion) valuation. Kalshi benefited from a 2024 court ruling allowing it to list political-event contracts, a decision the CFTC appealed but later dropped.
Polymarket has also announced a partnership with Chainlink to integrate its oracle network into the platform’s resolution process. The collaboration will focus first on improving the speed and accuracy of asset pricing resolutions, with plans to expand into other markets. The integration is live on the Polygon mainnet, which Polymarket uses as its default infrastructure.
Both platforms have very contrasting models, and despite Polymarket dominating the market, it looks like they’re getting quite close in terms of trading activity. Dune data shows that last month, Polymarket processed about US$1 billion (AU$1.53 billion), while Kalshi handled US$875 million (AU$1.34 billion).
Polymarket has built much of its visibility around event-driven markets, including elections and sports like NFL games, while Kalshi has leaned on its regulatory approval to target US participants with political-event contracts and other CFTC-compliant markets.
Polymarket, while not so fond of regulators, at least received the green light to relaunch a US-based platform for American users, as Crypto News Australia reported.
Related: Polymarket Considers Native Stablecoin to Capture Yield as It Eyes U.S. Comeback
Credit: Source link
