Briefly
Polymarket is planning to launch a local crypto token, however it will not come within the subsequent few months.
The prediction market is targeted on regaining dominance within the U.S. after it was successfully banned in 2022.
It follows an enormous $2 billion funding from New York Inventory Alternate proprietor Intercontinental Alternate, which valued Polymarket at $9 billion.
Polymarket plans to launch its personal native crypto token, however possible not till subsequent yr, sources accustomed to the matter instructed Decrypt.
The launch of the Polymarket token would comply with a $2 billion funding within the prediction markets enterprise from New York Inventory Alternate proprietor Intercontinental Alternate, introduced earlier this week, which valued the corporate at $9 billion. It will additionally comply with the corporate’s imminent reentry into the U.S. market after being successfully banned by the CFTC in 2022.
Polymarket doesn’t plan to launch its token till it has regained a foothold within the U.S. market, at the moment dominated by competing prediction market Kalshi, sources instructed Decrypt.
Polymarket CEO Shayne Coplan seemingly teased a forthcoming token earlier this week in a publish on X, posting a “POLY” ticker alongside Bitcoin, Ethereum, Solana, and BNB, reigniting hypothesis. Rumors of a Polymarket token have been swirling for nicely over a yr, although the corporate has but to publicly announce its plans. Polymarket has additionally but to publicly touch upon what the utility of such a token can be for its customers as soon as it is launched, although it has hinted at “rewards and drops” for loyal customers.
Polymarket didn’t instantly reply to Decrypt’s request for remark for this story.
The prediction market enterprise has boomed in 2025. Over the past week, Polymarket, Kalshi, Limitless, and Myriad have collectively generated over $1.4 billion in buying and selling quantity on predictions on all the things from sports activities to politics. (Disclosure: Myriad is a product of Dastan, Decrypt’s father or mother firm.) Polymarket, valued now at $9 billion, instructions roughly 31% of the market, whereas Kalshi—which right now introduced a funding spherical that values the corporate at $5 billion—holds round 66% of the market, in response to information from Dune.
However the street for Polymarket has been a protracted one.
In 2022, the CFTC fined Polymarket $1.2 million and successfully banned it from the U.S. over alleged violations of “swap information reporting and recordkeeping rules.” Even so, the prediction market gained mainstream prominence final yr as customers generated billions of {dollars} price of buying and selling quantity betting on the result of the U.S. election.
Coplan, Polymarket’s founder, had his dwelling raided by the FBI final yr following the election, with federal brokers seizing his cellphone and electronics within the course of. Nonetheless, his enterprise grew: The corporate raised a whole lot of hundreds of thousands from notable traders, comparable to Coinbase, Peter Thiel’s Founders Fund, and Steve Cohen’s Point72, growing its valuation to $1.2 billion in July—simply because the DOJ and CFTC closed their investigations into the corporate with out submitting expenses.
The Data, citing unnamed sources, reported in June that Polymarket would supply token warrants to traders in its July spherical, granting these traders the fitting to buy Polymarket tokens ought to the corporate launch them. The tokens could possibly be used to validate outcomes of their prediction markets, sources instructed The Data on the time.
Later in July, Polymarket introduced its acquisition of the CFTC-regulated derivatives change QCX, signaling its return to the U.S. market. In September, the CFTC issued a no-action letter to QCX, successfully granting Polymarket a inexperienced mild to relaunch its prediction markets within the States.
Polymarket, by means of QCX, self-certified its first U.S. prediction markets for sports activities and elections final week, gaining CFTC approval to reopen to U.S. customers as early as October 2. The corporate opened up a waitlist for U.S. customers earlier this week, simply as hypothesis over a Polymarket token regained steam.
On Myriad, the percentages that Polymarket would announce its token this yr jumped as excessive as 45% following Coplan’s publish on X. These odds have since dropped to round 22%.
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