(Bloomberg) — Intercontinental Exchange Inc., owner of the New York Stock Exchange, plans to invest as much as $2 billion in cash in Polymarket, a crypto-based betting platform.

The transaction values the company, which lets traders wager on the outcome of real-world events such as elections and sports, at roughly $8 billion, ICE said in a statement Tuesday.

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ICE will become a global distributor of Polymarket’s event-driven data, providing customers with sentiment indicators on topics in the market, according to the statement. The exchange operator and Polymarket have also agreed to partner on future tokenization initiatives.

“There are opportunities across markets which ICE together with Polymarket can uniquely serve, and we are excited about where this investment can take us,” ICE Chief Executive Officer Jeffrey Sprecher said in the statement.

Betting on prediction markets soared during the 2024 US presidential election, when platforms such as Polymarket and Kalshi handled billions of dollars in wagers on the outcome.

Polymarket was kicked offshore by federal regulators in 2022, but the crypto-betting platform struck a deal to return by purchasing a little-known derivatives exchange called QCX earlier this year. The purchase came just weeks after prosecutors shut down a probe of the company, which added Donald Trump Jr. to its advisory board earlier this year.

The probes were examining whether Polymarket, led by CEO Shayne Coplan, continued to allow US-based traders onto its platform despite a 2022 settlement with the Commodity Futures Trading Commission in which it promised to block them because it wasn’t registered.

“Together, we’re expanding how individuals and institutions use probabilities to understand and price the future,” Coplan said in the statement. “Realizing the potential of new technologies, such as tokenization, will require collaboration between established market leaders and next-generation innovators,” he said.

Competitors to Polymarket, including Kalshi Inc. and Crypto.com, began offering their own sports contracts in recent months. The Biden administration tried to quash both sports and politics-themed betting on derivatives exchanges, but the Trump White House has been far more welcoming toward such products.

CME Group Inc., the largest US derivatives exchange, in August announced a partnership with FanDuel Inc., the online gambling division of Flutter Entertainment Plc, to offer bets on stocks, commodity prices and inflation later this year.