Polymarket Token Not Coming This Year, Report Says—Here's Why

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Blockchain-based prediction market Polymarket is unlikely to launch its native cryptocurrency this year, Decrypt reported last week, citing sources familiar with the matter.

Polymarket’s reported position comes despite a recent teaser from CEO Shayne Coplan. Last week, he posted a “POLY” ticker on X alongside Bitcoin, Ethereum, BNB, and Solana, stoking speculation.

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Sources told Decrypt that Polymarket only intends to launch its token after it has regained substantial U.S. market share.

Polymarket did not immediately respond to a request for comment from Benzinga.

Polymarket blocked U.S. users as part of a 2022 settlement with the Commodity Futures Trading Commission over allegations that it was operating without required licenses in the country. The settlement also saw the platform pay a $1.4 million fine without acknowledging or denying any wrongdoing.

Polymarket is set to return to U.S. markets following its July acquisition of the CFTC-licensed exchange QCX. The platform received the CFTC’s go-ahead last month to launch under QCX’s license, following a no-action letter from the regulator.

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“Are you in line for Polymarket US yet?” the platform said on X last week, directing users to check their position on a waitlist launched in July or to join if they had not already signed up.

The Information reported in September 2024 that Polymarket intended to issue token warrants to investors in a planned $50 million raise, giving them the option to purchase a potential Polymarket token. One source told The Information at the time that the potential token could be used to validate the outcomes of real-world events.

Nick Tomaino, founder of the cryptocurrency-focused venture fund 1confirmation, said in December 2023 that launching a token could help Polymarket achieve product-market fit for cryptocurrency natives.

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“Prediction markets are ironically not degen enough for crypto ppl,” Tomaino said at the time. “100x on a meme coin is a more attractive bet than 2x on Trump for crypto degens. There are ways to make PMs more degen though (points, a token, leverage).”

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1confirmation participated in a $55 million raise for Polymarket in 2024 and a $150 million round earlier this year, Coplan said last week.

Last week, New York Stock Exchange owner Intercontinental Exchange (NYSE:ICE) announced that it had invested $2 billion in Polymarket, valuing the startup at $9 billion.

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This article Polymarket Token Not Coming This Year, Report Says—Here's Why originally appeared on Benzinga.com

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