According to the firm’s Chief Marketing Officer Matthew Moddaber, Polymarket will launch a cryptocurrency, but floating an app for its United States users is the current priority. This revelation comes after the crypto prediction platform’s founder, Shayne Coplan, teased the potential launch of a “POLY” token.
Token Release To Come After US App Launch
In a recent interview, Moddaber disclosed that Polymarket will eventually launch a crypto token, which will be accompanied by an airdrop. The company’s executive claimed that they intend to provide value through the potential launch of a cryptocurrency.
Moddaber said in the interview:
We could have launched a token whenever we wanted, and it’s just how thorough we want to be about it. We want it to be a token with true utility, longevity, and to be around forever, right? That’s what we expect from ourselves, and that’s what I think everyone in the space expects from us.
However, the Polymarket Chief Marketing Officer highlighted that the primary focus is currently on the US app launch. As Bitcoinist reported in September, the crypto prediction platform has received the green light from the Commodity Futures Trading Commission (CFTC) to launch in the United States.
Moddaber questioned the need to rush a crypto token launch when the priority should be on the US app. “After the US launch, there will be a focus on the token and getting that live and making sure that it’s well done,” the marketing executive said.
While Polymarket has had its fair share of trouble with the regulatory authorities in recent years, the recent approval by the US CFTC represented the end of investigations into the crypto prediction platform.
Polymarket Continues Massive Valuation Growth
Polymarket, which gained prominence in 2024 during the 2024 US elections, has become a major player in the prediction market over the past year. As a result of this growing popularity, the firm has been able to secure a number of partnerships in recent months.
Most recently, the crypto prediction firm secured a $2 billion investment from the New York Stock Exchange’s (NYSE’s) parent company, Intercontinental Exchange (ICE). This funding round brought its valuation to around $9 billion earlier this month.
According to the latest report, the company is reportedly preparing for another funding round, as it eyes a $15-billion valuation.
The crypto total market cap on the daily timeframe | Source: TOTAL chart on TradingView
Featured image from The Information, chart from TradingView
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