Polymarket’s Ambitious Expansion: A $10 Billion Valuation in Sight?
As the world of cryptocurrency continues to evolve, Polymarket, a prominent crypto-based prediction platform, is making significant strides to solidify its presence in the market. With plans to relaunch its services in the United States, the platform is gearing up for a major funding round that could potentially catapult its valuation to a staggering $10 billion. This development follows the recent green light received from the Commodity Futures Trading Commission (CFTC), a pivotal step for the company’s U.S. operations.
Strategic Growth: Aiming to Triple Current Valuation
Recent insights from Business Insider, dated September 12, reveal that Polymarket is in the process of securing additional capital. This financial maneuver could potentially triple its valuation from the $1 billion benchmark achieved in June. Sources close to the matter indicate that a prospective investor has already proposed a term sheet, aiming to elevate Polymarket’s valuation to as much as $10 billion.
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Earlier this year, Polymarket achieved “Unicorn” status, reaching a $1 billion valuation following a successful $200 million fundraising round. This financial boost was spearheaded by Peter Thiel’s Founders Fund, a renowned venture capital firm known for its early investments in transformative startups such as OpenAI, Paxos, and Palantir.
Additionally, reports indicate that Polymarket is evaluating a proposal that could see its valuation soar to $9 billion. Meanwhile, Kalshi, a major competitor, is inching closer to a $5 billion valuation in its latest funding round. Despite facing regulatory challenges in several countries, including Singapore, France, and Thailand, there is optimism surrounding Polymarket’s impending U.S. relaunch.
Forging New Alliances: Polymarket Partners with Chainlink
In a strategic move to enhance its platform’s capabilities, Polymarket has announced a collaboration with Chainlink. This partnership will see the integration of Chainlink’s oracle network into Polymarket’s market resolution processes, promising to boost the accuracy and efficiency of predictions.
According to Sergey Nazarov, co-founder of Chainlink, “Polymarket’s decision to integrate Chainlink’s reliable oracle infrastructure marks a significant milestone. This integration ensures that prediction markets are powered by high-quality data and tamper-proof computations, transforming them into trustworthy, real-time indicators for the global audience.”
Chainlink’s collaboration with Polymarket adds to the latter’s growing list of strategic partnerships. This alliance follows Polymarket’s recent venture with Elon Musk’s X, aiming to deliver data-driven insights and recommendations to its users.
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