rewrite this content using a minimum of 1200 words and keep HTML tags
Quick take:
As part of the investment, Trump Jr. will join Polymarket’s advisory board.
Polymarket, which claims to have hosted over $6 billion in predictions so far this year, was recently valued at over $1 billion by Founders Fund.
Although Polymarket is not allowed to offer its services to US residents, it recently acquired a CFTC-regulated derivatives exchange, QCEX, for $112 million.
Predictions market platform, Polymarket, has received double-digit millions of dollars from 1789 Capital, the venture firm that Donald Trump Jr. joined as a partner last year.
Although the actual figure was not disclosed, the investment was accompanied by a directorship position for Trump Jr. on the Polymarket board, according to a report by Axios. For reference, Polymarket was recently valued at more than $1 billion by Founders Fund.
The company claims to have hosted over $6 billion in predictions so far this year. Polymarket is currently not eligible to offer its services to U.S. residents. However, it recently acquired a CFTC-regulated derivatives exchange, QCEX, for $112 million.
According to a source familiar with the matter, 1789 Capital founder Omeed Malik and Polymarket CEO Shayne Coplan first began talking around 18 months ago, but the venture firm waited to invest until there was a clear legal path for U.S. market entry.
Kalshi, another prediction market platform licensed to operate in the U.S., recently raised $185 million at a valuation of $2 billion. Earlier this year, Trump Jr. also joined Kalshi as a strategic advisor.
1789 Capital, which holds positions in companies that investors expect to go public, including Anduril and SpaceX, reportedly views Polymarket as an eventual IPO candidate.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
