The investment fund 1789 Capital, in which Donald Trump Jr. is a partner, is committing approximately $300 million to the prediction market platform Polymarket. This funding is part of a $1 billion financing round led by 1789 Capital that would give the company a valuation of $21 billion, according to people familiar with the matter.

Polymarket operates as a decentralized prediction market, allowing users to speculate on the outcomes of various events. The platform has gained significant attention in the fintech and blockchain sectors for its innovative approach to market forecasting.

With this latest investment, 1789 Capital is set to become one of Polymarket’s largest shareholders, trailing only Intercontinental Exchange, which currently holds a 22% stake in the company. The backing from 1789 Capital, spearheaded by Donald Trump Jr., underscores growing institutional interest in decentralized market platforms and cryptocurrencies more broadly.

Neither 1789 Capital nor Polymarket has publicly commented on the specifics of the deal. However, the infusion of capital is expected to support Polymarket’s expansion and development as it aims to compete with traditional financial exchanges.