DraftKings taps Polymarket to clear trades in prediction markets play
DraftKings selected Polymarket as the clearinghouse for its forthcoming prediction market platform, following its acquisition of Railbird.Summary
DraftKings is integrating Polymarket as the designated clearinghouse for its new prediction market platform, "DraftKings Predictions," which is expected to launch as a mobile app in the coming months. This move follows DraftKings' acquisition of Railbird, a CFTC-regulated prediction market platform. Polymarket CEO Shayne Coplan confirmed the partnership, stating Polymarket Clearing will verify trades, hold collateral, and ensure fair settlement, thereby reducing counterparty risk. This marks a significant crypto-related step for DraftKings after closing its NFT marketplace last July. The development solidifies Polymarket's position in the sector, especially after it acquired its own clearinghouse (QCEX) in June and recently secured a $2 billion investment from Intercontinental Exchange, valuing Polymarket at $9 billion amid growing competition with Kalshi.
(Source：Cointelegraph)