Polymarket reorganizes team and introduces multiple executives to accelerate compliance and US expansion to welcome the fall forecast market boom
Comparing news, the prediction market platform Polymarket is undergoing organizational upgrades for the upcoming fall trading peak, preparing for the expansion of the US market by introducing multiple executives, restructuring the marketing system, and strengthening compliance teams. Polymarket recently hired Travis VanderZanden, founder of electric scooter sharing company Bird and a former Uber and Lyft executive, as Chief Growth Officer to be responsible for building the company's growth strategy and marketing system. VanderZanden said the forecasting market is at a critical stage of rapid development, and the company needs to further improve its management team to support long-term growth.
The adjustment comes as Polymarket faces regulatory scrutiny. Previously, the US Commodity Futures Trading Commission (CFTC) has investigated its business model for reasons related to platform marketing activities and promotion cooperation policies. People familiar with the matter said that Polymarket has reorganized its marketing department, updated promotion partner rules, conducted relevant training for employees, and hired consulting agency AlixPartners to monitor whether the content posted by partners complies with the new regulations.
At the same time, Polymarket continues to strengthen the compliance and risk management capabilities of its US business. The company's US trading platform added a number of regulatory and risk executives, including former Robinhood executive Megan McGrath as the US platform's chief compliance officer; former Coinbase executive Natalie Oblazny responsible for US regulatory affairs; former FBI and Coinbase employee Shana Bautista as head of global investigation and intelligence; and Paul Jordan, a former Nasdaq executive, as the US platform's chief risk officer.
Polymarket's US trading platform was launched in May of this year and remains independent of its international market business. As the new NFL season begins in September and the US midterm elections approach in November, the market anticipates that market trading activity will usher in a new round of growth.
Previously, Polymarket has become one of the representative platforms in the forecasting market and continues to seek to expand the scale of financing. According to reports, the company is currently seeking a new round of financing at a valuation of more than $20 billion. As institutional investors and professional traders gradually enter the prediction market, Polymarket is trying to transform from a gaming-style prediction platform for retail investors to a more mature financial market infrastructure. (CNBC)
