Polymarket targets $20 billion valuation as competition heats up in prediction market sector

Blockchain-based prediction markets level Polymarket is looking to rise caller superior astatine a $20 cardinal valuation, Bloomberg reported Tuesday, citing radical acquainted with the matter.

According to the person, the institution closed a backing circular astatine a $15 cardinal valuation successful April which included a $600 cardinal concern from the Intercontinental Exchange, the proprietor of the New York Stock Exchange.

In June, Polymarket told CNBC that its annualized gross had climbed good supra $1 cardinal adjacent aft the level saw a diminution successful trading volumes successful April and May which were offset by grounds highs during the World Cup.

Polymarket laminitis and CEO Shayne Coplan has agelong argued Polymarket should beryllium viewed arsenic an accusation level alternatively than a betting site. In a March appearance, helium said prediction markets fto radical "put your wealth wherever your rima is" erstwhile they disagree with consensus, describing the level arsenic "a precise utile thermometer of the world" that helps radical measure the likelihood of aboriginal events. He besides said his semipermanent imaginativeness is to grow beyond header events into a broader "almanac for the future" covering a overmuch wider scope of markets.

Prediction markets proceed to summation momentum successful the U.S. with galore crypto-native companies adding the diagnostic to their merchandise offerings, including Coinbase (COIN) and Robinhood (HOOD).

Polymarket’s biggest competitor, Kalshi, is reportedly seeking caller superior astatine a $40 cardinal valuation, astir treble the fig it had raised wealth astatine during an earlier backing round. Kalshi operates a federally regulated speech successful the U.S. portion Polymarket uses blockchain infrastructure and cryptocurrency-based settlement, making each charismatic to a antithetic assemblage of traders.