What to know:

Shayne Coplan, founder and CEO of the blockchain-based prediction market Polymarket, has become the world’s youngest self-made billionaire, according to the Bloomberg Billionaires Index.

The milestone follows Intercontinental Exchange (ICE) announcing Tuesday that it would invest as much as $2 billion in the company at an $8 billion pre-money valuation. ICE owns the New York Stock Exchange, one of the world’s most powerful financial institutions.

Matt Hougan: 'Solana Has One of the Best Setups for a Crypto Asset in 8 Years'00:23/00:00STORY CONTINUES BELOWDon't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Coplan, now 27, launched Polymarket in June 2020 after spending a year studying how prediction markets could improve decision-making. The platform lets users wager on real-world outcomes, from elections to sports to economic indicators, using cryptocurrency.

Polymarket’s breakout moment came during the 2024 U.S. presidential election, when users wagered more than $3 billion on potential outcomes. The scale of participation turned Coplan’s idea from a niche crypto experiment into a global phenomenon.

But the rise wasn’t without setbacks. In 2022, Polymarket paid a $1.4 million penalty to settle with the Commodity Futures Trading Commission (CFTC) over allegations it was offering illegal trading. The company said it blocked U.S. users soon after, though regulators later suspected it still hosted American traders. One week after the 2024 election, FBI agents raided Coplan’s apartment. The Justice Department dropped the investigation in July, as did the CFTC's civil investigation.

That same month, Polymarket acquired QCEX, a CFTC-licensed exchange and clearinghouse, giving it legal grounds to operate in the United States. The move marked a sharp turn from its early regulatory troubles to full legitimacy under U.S. law.

Polymarket has since reshaped the gambling and financial forecasting industries. By blending blockchain transparency with the thrill of market-driven prediction, it’s attracting both retail and institutional interest.

Rival platforms have taken notice. Kalshi, another prediction-market operator, began offering bets through a partnership with Robinhood Markets earlier this year.