DraftKings Steps Further Into Crypto With Plans to Become Polygon Validator

The move will allow the sports betting platform to contribute to Polygon’s governance.

AccessTimeIconOct 18, 2021 at 10:38 p.m. UTC
Updated May 11, 2023 at 6:01 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

DraftKings tapped Polygon for its marquee non-fungible token (NFT) release with Tom Brady’s Autograph back in August.

Now the sports betting giant is going all-in on the Ethereum layer 2 application with a partnership that could make it one of the blockchain’s largest governors.

  • SEC Chair Gensler Shares His Opinion on Proof-of-Stake Tokens: Report
    05:25
    SEC Chair Gensler Shares His Opinion on Proof-of-Stake Tokens: Report
  • Expectations for Ethereum Blockchain’s Shanghai Hard Fork
    01:34
    Expectations for Ethereum Blockchain’s Shanghai Hard Fork
  • Why Ether's Price Could See Volatility After Shanghai Upgrade
    03:37
    Why Ether's Price Could See Volatility After Shanghai Upgrade
  • Staked ETH Passes Milestone of 16M
    08:42
    Staked ETH Passes Milestone of 16M
  • DraftKings, valued at nearly $20 billion on the public market, is planning to use Polygon to support custom NFT drops and secondary-market transactions.

    “Scalability and sustainability remain among the critical challenges of blockchain technology,” Paul Liberman, president of global product and technology at DraftKings, said in a statement Monday. “Although DraftKings Marketplace is still in its nascency, we are bullish on the possibilities that blockchain, NFTs, cryptocurrency and more will present as we prepare for Web 3.0 alongside Polygon and the new innovations ahead for digital collectibles.”

    The partnership also gives DraftKings the option to contribute to Polygon’s governance, a system where token holders have a say in implementing changes to the network after staking their tokens on the platform.

    A Polygon representative told CoinDesk in an interview the company anticipates DraftKings’ governance to begin “in the next month.”

    Europe’s largest telecommunications company, Deutsche Telekom AG, pulled a similar move in February, providing backend support for Chainlink and Flow, the blockchain that hosts NBA Top Shot.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eli Tan

    Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.