Online betting platform Polymarket has acquired QCEX, a derivatives exchange and clearing house licensed by the Commodity Futures Trading Commission (CFTC) in the United States, for $112 million (approximately 155.8 billion won). This transaction is noteworthy as a cornerstone for Polymarket's return to the U.S. market in a regulatory-compliant manner after withdrawing for the past two years.
QCEX is an organization headquartered in Boca Raton, Florida, and is supervised by the CFTC in both exchange and clearing house structures. Through this acquisition, Polymarket has secured a foundation to re-emerge as a legal betting platform within the United States.
Polymarket is a decentralized prediction market platform that allows users to predict and trade on real-world events such as election results or major sports competitions. According to the analysis platform Token Terminal, Polymarket's cumulative trading volume has exceeded $15 billion over the past year, which clearly demonstrates how rapidly public interest in prediction markets is growing.
Shayne Coplan, Polymarket's founder and CEO, stated in an official statement that "the QCEX acquisition is a stepping stone for Polymarket's return to the U.S." and that their goal is "to create an environment where Americans can freely bet and trade their opinions on a fully regulated and compliant platform".
This acquisition is a strategic choice to overcome regulatory barriers for betting and derivative trading in the U.S. market. Especially given the soaring demand for prediction markets regarding 2024 U.S. presidential candidates, including Donald Trump, Polymarket's return could create significant ripples across the prediction platform industry.
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