Ethereum

Ethereum-based Polymarket Bags $2B Investment from NYSE’s Parent Company

2 hours ago
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Key Highlights:

  • Polymarket, a decentralized prediction platform on Ethereum, has bagged a $2 billion investment.
  • Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is behind this strategic funding.
  • The platform is now valued at $9 billion post-money, according to details provided by CEO Shayne Coplan.

Shayne Coplan, the CEO of Polymarket, announced that Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), is investing $2 billion in the Ethereum-based prediction platform. The investment puts the Polymarket at a valuation of $9 billion post-money.

Polymarket Bags $2B Investment from ICE

Coplan shared the news on X, calling the deal a “major step in bringing prediction markets into the financial mainstream” and a milestone for decentralized finance (DeFi). “Markets on everything,” Coplan wrote as he emphasized the company’s goal of transforming how people access and use real-time information.

The collaboration represents a major move for Polymarket, a blockchain-based application that enables users to take bets on the results of real-life events, be it elections and sports or economic indicators, utilizing crypto. Polymarket has become one of the largest prediction sites with millions of dollars of open markets since its launch in 2020, and it is decentralized.

The $2 billion investment by ICE is an indication of the increased institutional interest in blockchain-based market infrastructure. Through its exchange operators that are headed by its CEO, Jeff Sprecher, it owns and operates some of the global exchanges and clearinghouses, such as NYSE, and is centrally involved in the development of technology in the financial market.

Coplan stated that ICE will start selling the data of Polymarket on its predictions to thousands of financial organizations across the world. He said the collaboration combines “the force of ICE’s institutional scale and credibility with Polymarket’s consumer and cultural savvy.”

Polymarket, which was established by Coplan in 2020, is meant to be an open information marketplace, where users are able to trade based on the likelihood of future events happening. The platform is an Ethereum scaling solution on which data on trades and results are recorded using blockchain transparency. Although it has undergone regulatory scrutiny in the U.S., it still stands out as a high-profile case of how a decentralized technology can overlap with financial information markets and public information markets.

Coplan Opens Up On Latest Collaboration

In his post, Coplan was taking a retrospective about the company since its start. “The past two years have been surreal. Going from a write-off to creating a category, watching our vision become a reality,” he wrote. He added, “If I learned one thing, it’s that bold ideas are everywhere, hidden in plain sight. It just takes someone crazy enough to spend their life willing it into existence.”

He also gave the early encouragement of economist Robin Hanson, whose writing on prediction markets, saying that the concept was “too good to just exist in whitepapers.” Coplan said that the project was a response to the pandemic, when he was only 21 and had little money left, and he needed to create something valuable. “I knew we were entering an era where ways to find truth would matter more than ever, and Polymarket could play a critical role in that,” he said.

The decision is consistent with the current efforts of ICE to explore blockchain and tokenization projects. Sprecher has already stated that he is interested in applying digital asset infrastructure to modernize traditional markets.

Coplan concluded his remark by thanking the users and staff of Polymarket. “Your support will not be forgotten,” he said, addressing the community that has supported the platform since its early days. “I’m getting to live my wildest dreams, seemingly against all odds. The best is yet to come.”

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Source: https://www.cryptonewsz.com/ethereum-polymarket-2b-nyse-parent-company/