Prediction platform Polymarket has begun rolling out its relaunch in the United States, announcing that waitlisted users would be the first to access its US app.
In a Wednesday X post, Polymarket said that it would be making its US app available to waitlisted users, beginning with bets on sports event contracts, “followed by markets on everything.”
The official launch came about three months after the US Commodity Futures Trading Commission (CFTC) issued a no-action letter to a crypto derivatives exchange and clearinghouse acquired by Polymarket, laying the groundwork for the launch of its US services.
Polymarket’s full reopening to US markets could give the company a valuation of as high as $10 billion. The announcement came as Kalshi closed a $1 billion funding round at an $11 billion valuation, keeping the platform in close competition with Polymarket.
Activity on prediction markets like Kalshi and Polymarket surged significantly in 2024, driven in part by interest in event contracts related to the US elections.
Related: Kalshi raises $1B at $11B valuation after best volume month
Cryptocurrency exchange Coinbase is reportedly working on a platform backed by Kalshi. In October, Trump Media and Technology Group — the company co-founded by US President Donald Trump — said that it would enable prediction markets through its Truth Social platform.
Polymarket and Kalshi surge in trading volume
According to data from Token Terminal, Kalshi and Polymarket remain the two largest prediction platforms by trading volume, followed by SX, BetSwirl, and Azuro. Kalshi had about $4.4 billion in trading volume for October, with Polymarket coming in at just over $3 billion.
Polymarket could reportedly reach a $15 billion valuation soon after an infusion of cash from investors.
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