Polymarket, the largest cryptocurrency prediction market platform, has received a multi-million dollar investment from 1789 Capital, a venture capital firm co-owned by Donald Trump Jr.
According to Axios, Trump Jr. also joined Polymarket’s advisory board following this investment.
1789 Capital’s investment totaled double-digit millions of dollars, while Polymarket’s most recent valuation was over $1 billion by Founders Fund. 1789 Capital, which Trump Jr. joined last year, also has major names like Anduril and SpaceX in its portfolio.
While Polymarket doesn’t accept users in the US, this may change soon. The company recently acquired derivatives exchange QCEX for $112 million. With this move, Polymarket gained a license from the CFTC (U.S. Commodity Futures Trading Commission). It was also announced that investigations by the DOJ (Department of Justice) and the CFTC have been closed. These investigations included the FBI raid on CEO Shayne Coplan’s home last November.
1789 Capital’s investment decision was made after its legal entry path into the US market became clear. The company sees Polymarket as a potential candidate for a future IPO.
Trump Jr., meanwhile, took a strategic advisor role at Polymarket rival Kalshi earlier this year. However, that position is known to be a paid consulting role, not an investment one.
Polymarket and Kalshi gained national attention last year when their users correctly predicted Trump’s election victory, beating many traditional polls.
*This is not investment advice.