Companies Polymarket and Kalshi activate their plans for financing and market re-entry, which could change the landscape of this sector.
Polymarket Financing
Polymarket is considering new offers that could value the company at $10 billion. According to a report by Business Insider, one proposed valuation was $9 billion, while another went as high as $10 billion. This represents a significant increase considering the company raised funds at a $1 billion valuation earlier this summer.
Return to the US Market
Polymarket, a decentralized platform for trading event outcomes, aims to return to the US market after being barred in 2022. In July, the company acquired the derivatives exchange QCX, paving the way for re-entry. The CFTC issued a no-action letter to QCX earlier this month, providing a foundation for CEO Shayne Coplan to announce a 'green light' for launching in the USA.
Competition with Kalshi
Meanwhile, Kalshi, Polymarket's competitor, is nearing new funding that would value it at around $5 billion. In June, Kalshi secured $185 million at a $2 billion valuation. Despite a reduction in active users after the 2024 elections, a new wave of interest is emerging in the prediction market, especially with the start of the NFL season, where Kalshi processed $441 million in volume.
Both companies are at the forefront of financial markets, highlighting active developments and competition in the sector of predictive platforms. With growing interests, upcoming events may lead to shifts in dynamics within this market.
