Photo: ca.finance.yahoo.com
New York Stock Exchange to invest up to £1.5bn in Trump-backed crypto betting market
The New York Stock Exchange's owner, Intercontinental Exchange, is investing up to $2 billion in the Trump-backed crypto betting platform Polymarket, now valued at $8 billion.
- Intercontinental Exchange announced a deal on Tuesday to invest up to $2 billion (£1.5 billion) in Polymarket, a crypto betting platform linked to the Trump family.
- Polymarket, a five-year-old startup focused on prediction markets, has seen its valuation soar to $8 billion (£6 billion) following this investment announcement.
- The investment reflects a growing interest in crypto-based betting platforms, which are subject to scrutiny from regulatory bodies like the U.S. Immigration and Customs Enforcement.
- This move by the New York Stock Exchange's owner, Intercontinental Exchange, aligns with its strategy to diversify into emerging technology sectors.
Why It Matters
This investment could significantly reshape the landscape of crypto betting and prediction markets, potentially attracting more users and investors. The involvement of the Trump family may also draw political scrutiny and regulatory attention. Observers should watch how this investment influences market dynamics and regulatory responses in the rapidly evolving crypto environment.