Polymarket, the global predictions provider, took another step in widening its international and US foothold with a $112 million deal.
The betting platform has signed an agreement to acquire a smaller company, QCEX, which operates as a Commodity Futures Trading Commission-licensed derivatives exchange (QCX, LLC) and clearinghouse (QC Clearing LLC) (collectively “QCEX”).
Polymarket returns to the United States betting market officially
As ReadWrite reported, there had been considerable pressure on prediction markets, including regulatory scrutiny that resulted in Polymarket and its rival, Kalshi, being investigated by the US Department of Justice.
In a press release, Shayne Coplan, founder and CEO of Polymarket, said, “Polymarket is the largest prediction market globally and has become synonymous with understanding the probability of current events.”
He also took to social media to announce the deal and make reference to the recent legal disputes that have since been dropped.
Polymarket has acquired QCEX, a CFTC-regulated exchange and clearinghouse, for $112 million.
This paves the way for us to welcome American traders again.
I’ve waited a long time to say this:
Polymarket is coming home
pic.twitter.com/Qjd5ZbUwKi
— Shayne Coplan
Coplan isn’t wrong about the traffic Polymarket attracts, especially during major global events like the most recent presidential election, so prediction markets seem poised to stay despite grumbles from multiple states.
This could be down to the fact that users have made, according to the company’s statistics, $6 billion in predictions on the platform. The legality of these markets has been threatened, however, with constant lawsuits by individual states and their gambling control boards, forcing Polymarket to provide its services outside North America.
Sergei Dobrovolskii, founder of QCEX, was complimentary of the Polymarket CEO, saying, “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.”
QCEX deal heralded by both parties
The core of this deal revolves around the company QCEX and its status as a legitimate and existing entity in the United States. The company is also compliant with all existing regulations, which enables Polymarket to establish a strong foundation and build upon its existing financial success, as well as the wins against the Justice Department and individual states that have brought court actions against it.
“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,” concluded Coplan.
Featured image: Polymarket
The post Polymarket returns to the US with $112 million acquisition appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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