Polymarket is preparing to return to the U.S. market with a valuation of $10 billion

According to Cointelegraph, the blockchain forecasting market Polymarket is preparing to return to the U.S. market with a valuation of as much as $10 billion, showing a surge in investor interest in forecasting markets and crypto projects. Business Insider said Polymarket is seeking new financing that could triple its $1 billion valuation in June. In June, Polymarket raised $200 million, led by Peter Thiel's Founders Fund. During the 2024 U.S. presidential election, Polymarket became famous for correctly predicting Trump’s victory. In 2022, Polymarket was banned from serving U.S. users due to a settlement with the CFTC. In July this year, Polymarket acquired Florida-based derivatives exchange QCX, which could pave the way for its return to the U.S. market. In September, the CFTC sent a letter of non-action to QCX, exempting some federal reporting and record keeping requirements. Polymarket CEO Shayne Coplan said the decision gave the green light to the platform's launch in the United States. Meanwhile, rival Kalshi is also approaching a $5 billion financing. Kalshi’s momentum stems in part from a 2024 court ruling that allows it to provide contracts for political events.