Polymarket seeking funding round that could surge its valuation to $10B

Prediction marketplace Polymarket is pursuing caller backing that could boost its valuation to $10 billion, arsenic Business Insider reported connected Sept. 12.

Two radical with cognition of the substance said the valuation discussions correspond astatine slightest a threefold summation from the $1 cardinal Polymarket achieved successful a backing circular that closed this summer.

According to 1 source, astatine slightest 1 capitalist offered a word expanse valuing the institution astatine $10 billion. A Polymarket spokesperson declined to remark connected the backing talks.

Strategic developments

The reported valuation surge follows a bid of strategical developments positioning Polymarket for a US comeback.

The Commodity Futures Trading Commission granted regulatory approval for the level to resume US operations done a no-action missive issued Sept. 3 to QCX LLC, Polymarket’s regulatory partner, acquired for $112 cardinal successful July.

The regulatory greenlight enables Polymarket to run lawsuit contracts portion maintaining compliance with national derivatives regulations. It besides marks a instrumentality aft the level ceased US operations successful 2022 pursuing a $1.4 cardinal CFTC colony implicit unregistered derivatives trading.

Additionally, Donald Trump Jr. joined Polymarket’s advisory board successful August arsenic his task superior steadfast 1789 Capital made a strategical concern successful the platform.

The concern adds governmental expertise arsenic Polymarket prepares for US marketplace entry. Trump Jr. precocious praised the level for cutting done “media rotation and alleged adept opinion.”

Polymarket CEO Shayne Coplan characterized the 1789 Capital concern arsenic reinforcing the company’s relation arsenic a trusted accusation source, portion the firm’s founder, Omeed Malik, praised Polymarket’s intersection of fiscal innovation and escaped expression.

Slump successful idiosyncratic growth

Polymarket operates arsenic a prediction marketplace wherever users spot bets connected outcomes ranging from governmental elections to taste events, generating market-driven predictions.

Data from a Dune dashboard by Varrock laminitis Richard Chen shows that Polymarket crossed $8.5 cardinal successful year-to-date trading volume arsenic of Sept. 12, surpassing past year’s full volume.

The trading measurement summation occurs contempt a slump successful progressive and caller users. Polymarket’s monthly progressive traders peaked successful January astatine 454,664, gradually falling to scope August’s 226,442 aft a 20% autumn from July.

Meanwhile, caller users plunged 33% betwixt July and August, reaching 66,160, the lowest level successful a year.

The platform’s regulatory preparations and high-profile advisory additions presumption it for a imaginable pivot successful these numbers with a US expansion.

The station Polymarket seeking backing circular that could surge its valuation to $10B appeared archetypal connected CryptoSlate.