Shayne Coplan

Polymarket has reportedly fired chief marketing officer Matthew Modabber after an internal investigation into several incidents, including an alleged fake-trade promotion scheme. The move comes as the crypto-powered prediction market works to improve its public image while weighing a possible initial public offering.

Polymarket has appointed veteran finance executive Warren Jenson as its first chief financial officer. The move comes as the prediction market operator works to scale its CFTC regulated U.S. exchange and broaden its global trading platform.

Polymarket is reportedly pursuing a new funding round at a $20 billion valuation, months after closing capital at a $15 billion valuation. The move comes as prediction markets draw deeper interest from crypto platforms, brokerages and regulated competitors.

Polymarket is mounting a broad U.S. rehabilitation effort after a four-year ban, using a CFTC-supervised mobile app, sports partnerships and social media marketing to rebuild trust. The campaign follows past regulatory scrutiny, a settlement with the CFTC and investigations that were later dropped without charges.