InterContinental Exchange (ICE), the owner of the New York Stock Exchange, is set to invest $2 billion in the crypto prediction market, the WSJ reports.
The deal, which could be announced as soon as Tuesday, would value the platform at up to $10 billion. ICE’s investment could lend regulatory credibility to Polymarket’s efforts to return to the U.S. market.
Founded in 2020, PolyMarket allows users to place bets on future events, including politics, economics, business performance, and sports. Although popular abroad, the platform has been banned for U.S. users since a 2022 settlement with the Commodity Futures Trading Commission.
Earlier this year, PolyMarket acquired a licensed exchange and clearing house to help mitigate its reentry. It also strengthened political ties. Donald Trump Jr. joined its advisory board in August, and his venture capital firm became an investor.
PolyMarket, according to DeFillama Data, saw $1.5 billion in volume last month and has $164 million in total value locked. The company, according to Thetie Data, has raised a total of $300 million in capital to date from investors including Peter Thiel’s venture capital firm, Founders Fund.
Rival platform Kalshi has seen a surge in volume over the past few months, and over the summer, raised $185 million at a valuation of $2 billion.
