Polymarket Eyes US Return via $112 Million Crypto Exchange Acquisition
Main Idea
Polymarket acquired derivatives exchange QCX for $112 million to re-enter the U.S. market as a regulated platform, and it was also named X's official prediction platform in June.
Key Points
1. Polymarket acquired QCX, a CFTC-regulated derivatives exchange, for $112 million to facilitate its re-entry into the U.S. market as a compliant platform.
2. The acquisition includes QC Clearing, a CFTC-regulated clearinghouse.
3. Polymarket faced scrutiny from the U.S. Department of Justice and CFTC last year for allegedly allowing American users, but the investigations have concluded.
4. In June, X (formerly Twitter) named Polymarket its official prediction platform, marking a significant partnership.
5. Polymarket recorded $2.6 billion in trading volume in November, its highest month on record, and $1.1 billion in June.
Description
Although activity has cooled since Election Day, Polymarket registered $1.1 trillion in trading volume in June.
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