Intercontinental Exchange Inc (NYSE:ICE) announced plans to invest as much as $2 billion in cash in Polymarket, a crypto-based betting platform.
The owner of the New York Stock Exchange said its capital infusion values Polymarket at about $8 billion.
Based in New York, Polymarket is a cryptocurrency-based prediction market, where individuals can place bets on various future events, including economic indicators, weather patterns, awards, as well as political and legislative outcomes.
The investment will allow Intercontinental Exchange to become a global distributor of Polymarket’s event-driven data.
The two companies have also agreed to partner on future tokenization initiatives.
"Our partnership with Intercontinental Exchange marks a major step in bringing prediction markets into the financial mainstream," Polymarket CEO Shayne Coplan said in a statement.
“Realizing the potential of new technologies, such as tokenization, will require collaboration between established market leaders and next-generation innovators.”
In August, CME Group, the largest US derivatives exchange, announced a partnership with online gambling platform FanDuel, to provide bets on stocks, commodity prices and inflation later this year.