Polymarket, a New York-based blockchain prediction markets platform, is seeking fresh funding at a valuation above US$20 billion, according to people familiar with the matter.

The company previously closed a funding round in April at a US$15 billion valuation, including a US$600 million investment from Intercontinental Exchange, the owner of the New York Stock Exchange, the people said.

In June, Polymarket said its annualized revenue was well above US$1 billion. Lower trading volumes in April and May were offset by record activity during the World Cup.

Unlike rival Kalshi, which is reportedly seeking new capital at a US$40 billion valuation and operates a federally regulated US exchange, Polymarket in 2022 settled with the Commodity Futures Trading Commission, and US-based users can only access it in view-only mode.

🔗 Source: CoinDesk