ICE "More than half of institutional clients interested in Polymarket and other prediction-market data"

More than half of Intercontinental Exchange (ICE) parent company Intercontinental Exchange's institutional clients indicated they are willing to use prediction-market data from Polymarket.

On the 10th (local time), Bloomberg reported that Jeffrey Sprecher, CEO of ICE, said at the Goldman Sachs Financial Services Conference, "Of 10,000 customers, about 5,000 have shown interest in that data."

ICE plans to provide prediction-market data to participants in traditional commodity markets such as crude oil, gas, and cocoa. Sprecher said, "We are working on structuring unstructured data as the market forms," and explained, "We judged it worth distributing in real time and are delivering it in a manner suited to institutional environments."

ICE agreed earlier this year to invest up to $2 billion in Polymarket, valuing Polymarket at about $8 billion in that deal. Polymarket offers markets that allow betting on the outcomes of real-world events such as elections and sports, and trading volume surged during the 2024 U.S. presidential election period.

While the core of the partnership is data distribution, ICE is also interested in Polymarket's tokenization and DeFi technology capabilities. Sprecher said, "Technology is core, and we wanted access to their engineering capabilities to understand how they build their systems." He emphasized, "This collaboration is about technological innovation, not sports betting."

ICE plans to collaborate with Polymarket on tokenization projects going forward. The two sides are pursuing a strategy to expand the use of prediction data as a financial market sentiment indicator while offering new data products to institutional clients.