Donald Trump Jr. invests in Polymarket and joins advisory board
Quick Take
- Prediction markets platforms like Polymarket became popular during the election season last year as they allowed people to use crypto to wager on the outcomes of specific races, including who would be president.
- Trump Jr. became a strategic advisor to Polymarket’s rival Kalshi earlier this year.
Donald Trump Jr. is both investing in prediction markets platform Polymarket and joining the company's advisory board, according to a statement released Tuesday.
The investment into Polymarket, the world's largest predictions markets platform, is being made through the venture capital firm 1789 Capital, where Trump Jr., son of President Trump, serves as a partner. The terms of the "strategic" investment were not disclosed. Axios first reported the news.
"Polymarket cuts through media spin and so-called 'expert' opinion by letting people bet on what they actually believe will happen in the world," said Trump Jr. in a statement. "I am pleased that 1789 Capital is investing in Polymarket and am honored to join the company's advisory board."
Now it appears Trump Jr. will be advising both Polymarket, and its rival Kalshi. President Trump's outspoken son joined Kalshi as a strategic advisor in January.
Polymarket's popularity
Prediction markets like Polymarket became popular during the election season last year as they allowed people to use crypto to wager on the outcomes of specific races, including who would be president.
Both rival Kalshi and Polymarket surged to top spots on the Apple App Store the day before the 2024 presidential election as billionaire Elon Musk touted that the betting markets were "more accurate than polls."
Polymarket encountered some legal issues in 2022 when it settled with the Commodity Futures Trading Commission for allegedly offering illicit binary options contracts. In return, it agreed to pay a $1.4 million fine, wind down its non-compliant markets, and take preventative steps to block U.S. users on an ongoing basis.
However, Polymarket just announced last month that it plans to re-enter the U.S. market after buying CFTC-regulated derivatives exchange QCEX for $112 million.
Both Coinbase and Robinhood are also trying to establish a foothold in the prediction markets sector, which is, to some degree, an iteration of traditional gambling.
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