Polymarket set to reenter US with $112M acquisition of QCEX derivatives exchange
Polymarket comes back to the United States more than two years after US regulators dropped investigations into the predictions market platform.
Online betting platform Polymarket said it acquired QCEX, US-licensed derivatives exchange and clearinghouse for $112 million, paving the way for the company’s return to the United States after a hiatus of more than two years.
According to its website, QCEX is based in Boca Raton, Florida, with both entities, the derivatives exchange and the clearinghouse, under the oversight of the Commodity and Futures Trading Commission (CFTC).
Polymarket is a decentralized prediction market platform that lets users trade on the outcomes of real-world events, such as election results and sports events. According to Token Terminal, trading volume on the prediction platform surpassed $15 billion over the past year.