Prediction market firm Polymarket will re-enter the legal US events betting market after acquiring a small, federally-licensed exchange.
Polymarket is coming home”
The Shayne Coplan-owned firm on Monday announced it had acquired QCX, a derivatives exchange company recently licensed by the Commodity Futures Trading Commission. Coplan’s announced on X that “Polymarket is coming home:”
Polymarket paid $112m to purchase the company and gain access the lucrative prediction market “in the near future.”
Front Office Sports on Monday cited an events betting inside source who shared his belief that the takeover of the exchange and clearing house paves the way for Polymarket to base its US business on US dollars “as opposed to on crypto blockchain.”
The news comes under a week after Coplan announced his firm had “been cleared of any wrongdoing” in a federal probe that the CEO branded an “act of revenge” by the outgoing Biden Administration in November.
