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| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
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Blockchain-based prediction platform Polymarket introduced a new “up/down” equity market feature, allowing users to bet on specific stocks and benchmarks.
The new contracts enable betting on whether certain stock prices or benchmarks will end higher or lower at a specified time. Note that this feature already exists for cryptocurrencies, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH)
As of this writing, markets for high-profile stocks such as Tesla Inc. (NASDAQ:TSLA), Nvidia Corp. (NASDAQ:NVDA), and Microsoft Corp. (NASDAQ:MSFT) were active, as well as benchmark indexes, such as the S&P 500 and Dow Jones Industrial Average.
So, for example, if the closing price of Tesla stock on Oct. 16 is higher than its closing price on the previous trading day, the market will resolve to “Yes” and vice versa. If the closing prices are exactly equal, this market will resolve 50/50.
The resolution source for these markets is the Nasdaq stock exchange.
See Also: Robinhood Weighs Prediction-Market Acquisitions: Report
This development is a step in Polymarket’s ongoing expansion into mainstream financial events. Last month, the Polygon (CRYPTO: POL)-based platform introduced company earnings prediction markets as part of its re-entry into the U.S.
Polymarket secured a $2 billion investment by New York Stock Exchange owner Intercontinental Exchange Inc. (NYSE:ICE) earlier this month, bringing its post-money valuation to $9 billion. Before Intercontinental, the firm reportedly attracted a multi-million-dollar investment from Donald Trump Jr.‘s venture capital fund, 1789 Capital.
The platform rose to prominence during last year’s election season, with over $3 billion wagered on the outcome of the presidential race between Donald Trump and Kamala Harris. It accurately predicted Trump’s victory, although concerns about foreign influence and market manipulation dominated headlines.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: PJ McDonnell on Shutterstock.com
