Crypto Exchanges
By Bruce Buterin
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Revenue Hits $1 Billion Annualized. June brought a notable disclosure. Polymarket said its annualized revenue had crossed $1 billion.
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Kalshi's $40 Billion Target Changes the Math. Polymarket isn't running alone. Kalshi, its most direct U.S.
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What the Competition Actually Looks Like. Binance continues to dominate the wider crypto exchange market and has been diversifying into…
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Polymarket wants more money. The blockchain-based prediction platform is out raising a new round, targeting a $20 billion valuation — a big jump from the $15 billion it commanded…
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The April round is worth revisiting for a second. That raise brought in $600 million from the Intercontinental Exchange alone, a heavyweight financial infrastructure player whose…
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CEO Shayne Coplan doesn't want Polymarket called a betting site. He's pushed back on that framing consistently, describing the platform as an "information platform" — a place…
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Coplan's bigger vision is wilder still. He wants Polymarket to become an "almanac for the future" — not just a place to trade on elections or sports, but a comprehensive tool…
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Polymarket isn't running alone. Kalshi, its most direct U.S. competitor, is also raising — and targeting a $40 billion valuation.
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The answer is probably regulation. Kalshi operates as a federally regulated exchange. Polymarket runs on blockchain infrastructure with cryptocurrency-based settlement, which…
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Read also: Kalshi CEO Blames Casino Lobby as New York Seeks $100K Per Event Market Penalty
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Broader market context matters here too. Coinbase and Robinhood have both moved to incorporate prediction market features into their platforms.
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Binance continues to dominate the wider crypto exchange market and has been diversifying into various financial services — a reminder that the biggest players in crypto rarely…
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For now, Polymarket's pitch is a combination of revenue scale, brand identity, and a founder who thinks the platform should be something bigger than what it currently is.
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Industry watchers are waiting on the next announcement. Specific investors haven't been named. Allocation of the new capital is still undisclosed.
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More context: South Africas FinSurv Mandate Targets Cross-Border Crypto Flows Through Authorized Channels
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