Crypto prediction platform Polymarket has appointed its first chief financial officer (CFO), aiming to reinvigorate its momentum and catch up with Kalshi.

According to Bloomberg, prediction market platform Polymarket has appointed its first Chief Financial Officer (CFO), Warren Jenson, a move viewed as a key step to catch up with rival Kalshi as the company pursues a new round of investment and seeks to rebuild growth momentum. Jenson officially joined Polymarket this week, bringing prior senior finance roles at media research firm Nielsen and martech company LiveRamp. The 69-year-old Jenson boasts decades of financial management experience, while Polymarket’s founder and CEO Shayne Coplan is just 28 years old. Bloomberg notes that Polymarket has recently fallen behind in competition with its main rival Kalshi, prompting the firm to seek new funding and revitalize its development momentum. The hiring of its first CFO signals Polymarket is further strengthening its financial management system in preparation for subsequent financing and business expansion. Polymarket has already secured large-scale financing in the past: in early September, 1789 Capital, a firm where Donald Trump Jr. serves as a partner, led its roughly $1 billion funding round, which valued Polymarket at around $21 billion upon deal completion. Notably, Polymarket has continued expanding its business recently, launching a social feature called Squads on September 8 that integrates group chat functionality into its prediction market platform.