The blockchain prediction market is preparing a return to the United States because it looks at a potential evaluation of $ 10 billion, according to a Friday report by Business Insider.
The main dishes to remember:
- Polymarket plans an American return and is looking for an assessment of up to $ 10 billion.
- The platform gained ground after predicting Trump’s victory in 2024 with precision, but faced regulatory setbacks.
- With the CFTC clearance and the growing competition from Kalshi, a reintegration polymarket a stormy prediction market race.
The company would have discussions to raise new capital which could more than triple its latest known assessment of $ 1 billion in June.
Polymarket allows users to exchange results of real world events without counting on a centralized bookmaker.
Polymarket highlighted the spotlights after properly predicting Trump’s victory in 2024
Polymarket gained importance in the 2024 American presidential election, where its markets predicted with precision the victory of Donald Trump, stimulating its reputation and its user base.
In June, the firm collected $ 200 million in a round led by Peter Thiel’s Founders Fund. But its growth was previously limited by regulatory constraints.
In 2022, Polymarket was forced to leave the United States following a regulation with the Commodity Futures Trading Commission (CFTC).
This changed in July when Polymarket acquired derivatives based in Florida Exchange QCX. Last month, QCX received a letter without action from the CFTC, providing relief from certain regulatory requirements.
Polymarket CEO Shayne Coplan said that the letter “gives the Green Light Platform to go live in the United States”.
This decision indicates a new chapter in the increasingly competitive prediction market space. The Kalshi rival platform also makes the headlines, which would have closed a financing cycle of $ 5 billion after obtaining $ 185 million earlier this year in an increase led by the paradigm.
The momentum of Kalshi accelerated after a court decision in 2024 allowed him to offer contracts for political events, a decision that the CFTC initially disputed but then abandoned.
The decision left Kalshi free to operate in the existing framework, which gives it a regulatory advantage.
Although the two platforms have seen the activity of users decrease since the electoral cycle of 2024, the interest seems to resume.
The NFL season was kicked off rekindled market engagement, Kalshi dealing $ 441 million in a volume of negotiations since week 1.
Kalshi continues Nevada and New Jersey on the ban on sports contracts
In March, Kalshi filed a complaint against the Nevada Gaming Control Board and the New Jersey Division of the Application of Games, which questions the recent cease-free and desisting orders that forced the company to suspend its contracts related to sport in the two states.
Kalshi argues that his contracts are part of the regulatory field of the Futures Trading Commission (CFTC), and not play regulators at the level of the state.
The company maintains that its event contracts work as bilateral exchange markets, unlike traditional sports betting models where the house defines and controls the dimensions.
“The prediction markets are a critical innovation of the 21st century, and like all innovations, they are initially misunderstood,” said the co-founder of Kalshi, Tarek Mansour.
“We are proud to be the company that has launched this technology and is ready to defend it once again before a court.”
The legal dispute also occurs on the additional regulatory pressure of the Nevada, where the officials have made an order to stop and-discount on the electoral contracts of Kalshi.
Recently, the CFTC announced that it was examining the prediction contracts linked to the Super Bowl offered by Crypto.com and Kalshi Inc. to determine if they comply with the federal laws on derivatives.
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