Polymarket to Launch its Own Crypto Token After Returning to US

• Prediction markets operator says it will introduce digital token, conduct airdop
• Those events will take place after the company reenters the US
• Polymarket is taking a pragmatic approach to its native cryptocurrency

A Polymarket executive recently confirmed the prediction markets will launch its own digital token, but the company’s priority is focused on reentering the US.

In an interview last week with Degenz Live, Polymarket CMO Matthew Modabber confirmed the derivatives exchange will launch its own cryptocurrency, likely under the ticker “POLY” and that there will be an airdrop. Specifics such as allocation formulas, claiming process, and launch dates haven’t been revealed as of yet.

We just want to make sure that when we do shift our focus to a token, it is one of our core priorities. Right now, our core priority is launching in the US,” said Modabber in the interview. “It’s not like we’re not eyeing and getting things ready. But, obviously, our focus will shift more to that once it’s time.”

Following a regulatory clash with the Commodities Futures Trading Commission (CFTC) in 2022, Polymarket was banned from operating in this country. The company worked through those issues, and in June, it announced the $112 million purchase of clearinghouse and derivatives exchange QCEX LLC  — a deal that paves the way for the buyer to reenter the US market.

Signs Abound Regarding Polymarket Token Debut

The POLY token rumors arrive as Shayne Coplan’s company is just weeks removed from landing a $2 billion investment from Intercontinental Exchange (NYSE: ICE) that values Polymarket at $9 billion to $10 billion post-money and amid rumors that its next funding round could vault its valuation to $12 billion to $15 billion.

That document included the phrase “other warrants,” pertaining to investors options and rights to buy other securities, expanding upon verbiage in prior filings indicating investors would have access to equity and traditional warrants. In the crypto world, the phrasing in the latest SEC filing was construed as a sign Polymarket is readying a token of its own.

As of now, it’s not clear what POLY’s exact functions will be or if it will trade on the Ethereum or Solana blockchains.

POLY Airdrop Could Be Huge

Polymarket’s exact date for US reentry isn’t known, but it may be close, as the company is looking for beta testers and has a wait list. Those could be signs it’s time for cryptocurrency fans to stay abreast of airdrop goings on.

A crypto airdrop is an activity typically performed by blockchain-based startups to help bootstrap a virtual currency project. Its aim is to spread awareness about the cryptocurrency project and to encourage more people to participate in it when it becomes available. Airdrops are generally communicated through the company’s official channels and cryptocurrency communities,” according to Coinbase.

Typically, the recipients of the biggest shares of airdrops are the most active members of the underlying community, indicating those who get the most POLY are the most active traders on the platform, but that’s just speculation for now.