Polymarket’s Chief Marketing Officer Matthew Modabber confirmed that while the platform will eventually launch its own token, the immediate focus is on rolling out the US-facing Polymarket App. The prediction market platform, valued at $10 billion after securing a $2 billion investment from Intercontinental Exchange (ICE) in October, sees the US app as critical due to regulatory complexities. “Why rush a token if you need to prioritize the US app? We’ve been anticipating this app for the past five years,” Modabber stated.
In 2024, prediction markets like Polymarket and its competitor Kalshi have gained mainstream popularity, attracting users new to crypto and blockchain. Polymarket is also pursuing additional funding that could boost its valuation to $15 billion, alongside partnerships with sports organizations such as the NHL and collaboration with sports betting platforms like DraftKings. These deals support the infrastructure needed for on-chain collateral and liquidity to manage billions in trading volumes.
Meanwhile, Kalshi is reportedly seeking $300 million to expand into up to 140 countries. The surge in prediction market trading volume—up over 565% in Q3 2024—underscores these platforms’ growing cultural impact, especially during the 2024 US elections. Industry insiders now view prediction markets as a democratizing public good that often provide more accurate forecasts than conventional experts or polls.
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Source: https://cointelegraph.com/news/polymarket-token-us-launch-cmo-app