Polymarket has acquired derivative exchange QCX along with efforts to return to the US, and the crypto-driven prediction platform is press release on monday.
By purchasing a lesser-known company regulated under the Commodity Futures Trade Commission, Polymarket should allow the United States to re-enter as a fully regulated, compliant platform, founder and CEO Shayne Coplan said in a statement.
“We’re laying the foundation for bringing Polymet home,” he said.
In the announcement, Polymarket notes that the acquisition was made for $112 million, including QC Clearing, a clearing house for CFTC regulations.
The announcement comes one week after a source familiar with the confirmed case Decryption The US Department of Justice and the CFTC have concluded their multi-layered investigation.
Authorities began scrutiny of Polymekit last year, as they allegedly made it possible for Americans to use the service. The company agreed to block US users in 2022 after reaching a settlement with the CFTC in 2022 due to suspects of not registering with regulators.
Lack of access to US customers did not prevent Polymet from becoming a source of information during the presidential election. Odds highlighted by such news publications CNN A high-tech CEO like Elon Musk, this platform has become mainstream.
The platform faced skepticism from several pollers and academics, but former President Joe Biden correctly pointed out an early withdrawal from the presidential election, and called for President Donald Trump’s White House victory a few months later.
Polymet notched a $2.6 billion trading volume in November, according to the Dunes. Dashboard. In June, it recorded a trading volume of $1.1 billion.
Despite its popularity, Polymarket continues to face occasional pushbacks on how the markets solve these days The $237 million controversy On whether Ukrainian President Volodymyr Zelenskyy will wear suits by July.
Polymarket’s acquisition of QCX could prove to be useful in delivering previously announced plans, including collaboration with Musk’s social media platforms.
x Tap In June, Polymarket, the official forecasting platform, announced a tool that analyzes market-produced news in real-time. The companies said additional “integration and unique experience” will be released as a result of the team-up.