According to the latest reports, crypto-based prediction platform Polymarket is preparing for a new funding round that could see its valuation rise to $10 billion. This move to raise additional capital comes as the company prepares to relaunch in the United States.
On September 3, Polymarket CEO Shayne Coplan revealed on the social media platform X that the prediction site has received the green light from the Commodity Futures Trading Commission (CFTC) to launch in the United States.
Polymarket, which became increasingly popular during the 2024 US presidential election, has been subject to regulatory scrutiny for the majority of this year. However, this approval decision from the CFTC marks the conclusion of investigations into the prediction platform’s activities.
Prediction Platform To At Least Triple Its $1 Billion Valuation
According to a September 12 report by Business Insider, Polymarket is readying for another funding round that could triple its June valuation of $1 billion. Citing unnamed sources, the report stated that at least one investor has offered a term sheet to raise Polymarket’s valuation to as high as $10 billion.
The crypto-based prediction marketplace reached “Unicorn” status and a $1 billion valuation in June after completing a $200 million funding round. Multiple reports revealed that the company’s last capital raise was led by Peter Thiel’s Founders Fund—famous for its early backing of startups like OpenAI, Paxos, and Palantir.
A separate report revealed that Polymarket has considered an offer that would see its company grow to as high as $9 billion. This report also claimed that the company’s major competitor, Kalshi, is closing in on a $5 billion valuation in a new funding round.
While activity on Polymarket seems to hover around $1 billion after a $2.5 billion peak in November 2024, there are high hopes for the prediction market site upon its return to the US. However, the company still faces some restrictions in other countries, including Singapore, France, Thailand, and so on.
Polymarket And Chainlink Build New Partnership
In a press release on Friday, Chainlink disclosed its partnership with Polymarket to integrate its oracle network into the prediction platform’s resolution process. The blockchain network claims that this collaboration will improve the accuracy and speed of Polymarket’s market resolutions.
Sergey Nazarov, Chainlink co-founder, said:
Polymarket’s decision to integrate Chainlink’s proven oracle infrastructure is a pivotal milestone that greatly enhances how prediction markets are created and settled. When market outcomes are resolved by high-quality data and tamper-proof computation from oracle networks, prediction markets evolve into reliable, real-time signals the world can trust.
Chainlink joins Polymarket’s growing list of strategic partnerships, coming after the prediction platform’s collaboration with Elon Musk’s X to launch an integrated product that offers data-driven insights and recommendations to users.