Polymarket is reportedly preparing to launch its own native token, but sources say that the rollout won’t happen until the prediction market platform fully reestablishes itself in the U.S. following its 2022 regulatory exit.
Summary
- Sources say Polymarket plans to delay the token launch until it completes its regulated return to the U.S. through its acquisition of CFTC-approved exchange QCX.
- The rumored token follows a $2 billion investment from Intercontinental Exchange, valuing Polymarket at $9 billion and expanding its reach into TradFi.
Polymarket prioritizes U.S. comeback before launching token
Earlier this week, Polymarket founder and CEO Shayne Coplan stirred buzz across crypto X after sharing a cryptic post listing “POLY” alongside Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB). The post ignited speculation that the leading prediction market platform will soon launch its own token.
However, sources familiar with the matter told Decrypt that the token debut isn’t happening anytime soon. Polymarket reportedly plans to release it only after fully reestablishing its presence in the U.S. market, which it was forced to exit in 2022 following regulatory action by the CFTC.
That comeback appears to be well underway. Earlier this year, Polymarket acquired the CFTC-regulated exchange QCX, and the agency has since issued a no-action letter, effectively clearing the path for Polymarket’s return to American users. Through QCX, the company recently self-certified its first regulated prediction markets for sports and elections, gaining approval to operate in the U.S. as early as October.
You might also like: Trump family crypto profits top $1b, UK targets 65k investors, OpenSea sets token launch | Weekly Recap
Polymarket has not officially commented on the details of the token or its potential utility. However, the company had previously hinted that may be designed for “rewards and drops” for loyal users of the platform.
The anticipated token debut comes on the heels of a major $2 billion investment in Polymarket from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. That deal, announced earlier this month, valued Polymarket at $9 billion.
The partnership with ICE opens the door for Polymarket’s market data to be distributed to financial institutions worldwide, integrating its prediction insights into more traditional finance channels.
You might also like: Polymarket could soon launch a token and the airdrop could be massive
