Some of the largest exchanges and financial institutions are embracing betting platforms and crypto. Is it just for the fees?

This past week, Intercontinental Exchange Inc.

ICE, the parent company of the New York Stock Exchange, announced a $2 billion investment into prediction-markets platform Polymarket. On the same day, S&P Dow Jones Indices SPGI, the company behind stock-market indexes like the S&P 500 SPX, announced a partnership with fintech company Dinari to create a crypto-focused index.

Although these are two different legacy financial institutions partnering with two different fintech companies, both announcements referenced one thing: tokenization.