NYSE owner to invest $2 billion: Donald Trump-backed crypto betting grows; Polymarket valued high

Intercontinental Exchange, which owns the New York Stock Exchange, will invest up to $2 billion in Polymarket. Polymarket is a crypto betting platform linked to the Trump family. It lets users bet on real-world events with cryptocurrency. The company correctly predicted Donald Trump’s 2024 election win. Donald Trump Jr. and billionaire Peter Thiel are investors. ICE will also share Polymarket’s data worldwide. The company recently got permission to operate again in the US after being banned.

Intercontinental Exchange (ICE) owns the New York Stock Exchange (NYSE). It announced plans to invest up to $2 billion in Polymarket. This deal values Polymarket at $8 billion. The move shows that traditional finance is moving into cryptocurrency and blockchain technology.

Polymarket lets people bet on the outcome of real events. Users use cryptocurrency to place bets. They can bet on things like the New York mayoral election, how many tweets Elon Musk will send, or who will win the Premier League soccer title. Polymarket works like a prediction market. It helps users guess the chances of future events.

Shayne Coplan started Polymarket in 2020. He was a student at New York University. The platform became famous after it correctly predicted Donald Trump’s 2024 election win. Many experts thought the race was too close to call. Some users made millions by betting on Trump’s victory. One user from France, called the “Trump Whale,” made $85 million. Donald Trump Jr. joined Polymarket’s advisory board in August. His company, 1789 Capital, invested money in Polymarket. Another important investor is Peter Thiel, co-founder of PayPal and a big Republican donor.

ICE will distribute Polymarket’s data to customers worldwide. This data shows what people expect about future events. Jeffrey Sprecher, CEO of ICE, said this deal connects the old New York Stock Exchange with new crypto technology. Polymarket’s founder, Shayne Coplan, said the deal is a big step to bring prediction markets into regular finance. It will help people and companies understand the future better.

Polymarket was banned in the US under the Biden administration. Last month, the Commodity Futures Trading Commission allowed it to start again in the US. Donald Trump has been a strong supporter of cryptocurrency. He has backed laws that help crypto grow. He also suggested making a US Bitcoin reserve. Some critics say the Trump family may gain from their crypto investments while influencing policies. The White House denies this.

1. What is Polymarket?Polymarket is a website where people bet on real events using cryptocurrency.
2. Who are the main investors?Donald Trump Jr. and Peter Thiel are among the main investors.
3. Why was Polymarket banned and how is it returning?It was banned due to legal concerns but recently got approval to operate again in the US.