To be honest, the market is indeed a bit fragmented. The parent company of the NYSE, ICE, should be considered a leader in this wave of valuation increases.

$9 billion valuation for the prediction market Polymarket

Now a $5 billion valuation planned for the payment service MoonPay

Many peers say financing has cooled, but those companies in North America are still continuously updating their valuations and financing caps. Another perspective is that these recently announced companies seem to be on the path to going public, rather than issuing tokens.