Mentioned:
The parent company of the New York Stock Exchange is getting into the prediction market business. And they’re putting up billions of dollars in capital to do it.
What’s happening:
- Intercontinental Exchange (NYSE: ICE) is investing up to $2B USD into Polymarket
By the numbers:
- The new strategic investment from Intercontinental Exchange values Polymarket at approximately $8B USD pre money
Why it matters:
- Intercontinental Exchange is the parent company of the New York Stock Exchange and their new investment into Polymarket marks the first time ever they have taken an ownership position in a company focused on prediction markets
Going deeper:
- Intercontinental Exchange and Polymarket are planning to closely collaborate together on the tokenization of assets and new financial products
- Polymarket and Intercontinental Exchange have both also publicly stated that Intercontinental Exchange will become a global distributor of Polymarket’s data
The intrigue:
- Polymarket has been making a flurry of moves lately to expand their dominance as one of the world’s leading prediction markets, including notably doing a deal with Elon Musk’s X to leverage real time data for new types of bets on Polymarket
