- Polymarket has launched on the Bitcoin network, enabling BTC deposits for users.
- The platform is reportedly finalizing a $200 million funding round at a $1 billion valuation.
- CFTC’s no-action letter has paved the way for Polymarket’s potential US relaunch.
Polymarket, one of the leading on-chain prediction markets, now lets users deposit Bitcoin (BTC) directly on its platform. The move marks the company’s official expansion to the Bitcoin network, adding new liquidity and accessibility as it prepares for a reported $200 million funding round that could value the firm near $1 billion.
Direct BTC Deposits Now Live
The company announced on October 7 that it now supports direct Bitcoin deposits, allowing users to participate in decentralized markets using the world’s largest cryptocurrency.
The move comes months after its March launch on Solana, which enabled deposits in Solana’s native token, SOL.
The integration of Bitcoin adds another layer of accessibility and liquidity to the fast-growing platform, which has emerged as one of the most popular venues for decentralized prediction markets.
Users can now stake BTC to speculate on real-world events ranging from political elections to global conflicts and economic outcomes.
Related: Polymarket Uses Chainlink to Deliver Near-Instant Market Outcomes
Investors Circle a $1 B Valuation
Polymarket’s expansion comes amid reports that the company is finalizing a $200 million funding round led by Peter Thiel’s Founders Fund, which could value it at around $1 billion.
If completed, the raise would grant Polymarket “unicorn” status despite ongoing restrictions for American users.
CFTC Gives Breathing Room for U.S. Relaunch
Polymarket has previously faced compliance issues in the United States, including a 2022 CFTC enforcement action for operating unregistered event-based contracts.
In July, Polymarket acquired QCX, a Florida-based derivatives exchange, and received a no-action letter from the CFTC in September.
The letter stated that the regulator would not pursue enforcement for certain recordkeeping and data reporting violations related to event contracts, effectively giving Polymarket room to prepare for a US relaunch.
$10B Valuation?
Industry insiders suggest that Polymarket could soon reach a valuation of up to $10 billion as investor enthusiasm for prediction markets intensifies.
Its recent partnership with Elon Musk’s social media platform X, integrating its prediction data with the AI chatbot Grok, further boosted its visibility.
Related: Bitcoin & Ethereum Ride Polymarket’s Fed Rate Cut Sentiment. Is Overbought Next?
The platform now hosts over 21,000 active markets with more than 1.2 million traders worldwide. During the 2024 US presidential election, trading volumes surged past $2.5 billion as participants bet on Donald Trump’s victory, a result Polymarket’s odds predicted accurately.
Even with recent dips, May’s trading activity still exceeded $1 billion, underscoring sustained engagement.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/polymarket-adds-bitcoin-deposits-as-1-b-valuation-nears/
