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Polymarket is preparing to raise funds at a valuation of up to 15 billion USD.
According to Bloomberg, Polymarket is negotiating with investors to raise new capital with a valuation between 12 billion and 15 billion USD, after increasing from 1 billion in June to 9 billion USD earlier this month.
Founded in 2020, Polymarket is a crypto-based prediction platform where users trade yes/no outcomes related to politics, sports, markets, and culture.
The strong rally of the market is also expected to help its rival Kalshi achieve a valuation of 10–12 billion USD, just a few weeks after raising over 300 million USD at a valuation of 5 billion USD.
Polymarket has recently resumed operations in the US, adding support for Bitcoin deposits and partnering with DraftKings and the NHL, amidst a record influx of capital into the prediction market.