Johann Wilfred
- Prediction platform Polymarket has acquired CFTC-licensed derivatives exchange and clearing house QCX for $112 million
- The update comes after U.S. regulatory authorities dropped their probe into the company
- The acquisition marks Polymarket’s return to the U.S. after the probe.
Prediction platform Polymarket has acquired CFTC-licensed derivatives exchange and clearing house QCX for $112 million in a bid to expand its presence in the U.S market, as per a company press release on Monday.
The update comes after U.S. regulatory authorities dropped their probe into the company to determine whether the company was complying with a previous agreement to stop serving U.S. customers, according to a Coindesk report. The acquisition marks Polymarket’s return to the U.S. after the probe.
“Polymarket is the largest prediction market globally and has become synonymous with understanding the probability of current events…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. 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,” said Polymarket founder Shayne Coplan.
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“When we began the process to obtain our DCM & DCO licenses over 4 years ago, the prediction market was in its infancy. But we have long believed in its potential to change the way people access and understand information and express their views on that information. Shayne has built a cultural phenomenon in Polymarket. I am excited to bring our companies together and leverage our licenses, technology, and expertise in the retail trading sector to help Polymarket reach its full potential,” said QCEX founder, Sergei Dobrovolskii.
Created in 2020, Polymarket is a prediction platform where people can place bets on significant events ranging from market movements to politics to even weather patterns.
