Donald Trump Jr. has announced that he will invest in prediction market platform Polymarket and join the company's advisory board.
The investment was made through 1789 Capital, where Trump Jr. is a partner. Terms were not disclosed. In a statement, he said: “Polymarket helps people bet on what they truly believe will happen, rather than just listening to the media or ‘experts.’ I am thrilled that 1789 Capital is investing in Polymarket and honored to join the advisory board.”
Notably, Trump Jr. is also now advising Kalshi, a Polymarket competitor, after joining the company in January.
Prediction market platforms like Polymarket exploded during last year’s election season, allowing users to use crypto to bet on the outcome of political races, including who would become president. Both Kalshi and Polymarket hit the top of the App Store ahead of the 2024 election, thanks to Elon Musk’s praise of betting markets as “more accurate than polls.”
Polymarket ran into legal trouble in 2022, when the US Commodity Futures Trading Commission (CFTC) fined it $1.4 million for offering unlicensed binary contracts and forced it to block US users. However, last month, the company announced it would return to the US market after spending $112 million to buy CFTC-licensed Derivative exchange QCEX.
In addition to Polymarket and Kalshi, big players like Coinbase and Robinhood are also looking to get into the prediction market space – a new version of traditional betting.
Follow CoinMoi to update the hottest issues of the crypto market ok!!!
The article Donald Trump Jr. Invests in Polymarket and Joins Advisory Board appeared first on CoinMoi .
