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Polymarket reportedly buys exchange to return to U.S.
The crypto-based prediction market platform, Polymarket, is reportedly acquiring the QCX trading exchange to re-enter the U.S. market, Bloomberg reported on July 21.
The latest report comes only days after the publication reported that the U.S. Department of Justice and Commodity Futures Trading Commission (CFTC) reportedly told Polymarket that they were closing their probe into the company.
Launched in 2020, the New York City-headquartered Polymarket is the world’s largest prediction market. It lets traders predict events as diverse as crypto prices, election results, inflation data, and box office numbers by paying with cryptocurrency.
On June 6, Polymarket entered into a partnership with Elon Musk-owned X, one of the most popular social media platforms within crypto communities.
Latest, Polymarket has also released a statement, confirming the acquisition of QCX, a CFTC-licensed derivatives exchange, for $112 million. The deal paves the way for it to return to the U.S. market as a regulated and compliant platform, it said.
Polymarket founder and CEO Shayne Coplan said, "Demand is greater than ever — not just in user growth and trading volume, but in how mainstream audiences are turning to Polymarket to separate signal from noise, bias, and speculation." He added, "Now, with the acquisition of QCEX, we are laying the foundation to bring Polymarket home — re-entering the US as a fully regulated and compliant platform that will allow Americans to trade their opinions."
The crypto-based prediction market gained popularity during the 2024 presidential campaign in the U.S. as users bet millions of dollars on election results. Notably, it was around the same time that the Federal Bureau of Investigation (FBI) raided Coplan's penthouse in Manhattan.
With Donald Trump winning the election, things have dramatically turned around for Polymarket, as with other crypto-based platforms.
This article has been published in TheStreet via Yahoo News.
