Key Takeaways
- Polymarket is live-testing its US exchange with select users ahead of a public relaunch.
- The platform adopts an open exchange model, allowing users to set prices and back outcomes instead of trading against a house.
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Polymarket has initiated a beta test of its US exchange as it prepares for a domestic comeback after years of offshore operations, Bloomberg reported Wednesday.
Polymarket first hinted at plans to reintegrate into the US market in July when it announced the acquisition of QCEX, a derivatives exchange and clearinghouse that holds the necessary licenses from the US Commodity Futures Trading Commission (CFTC). The plan is supported by a CFTC no-action letter.
The prediction platform, which recently joined Yahoo Finance and Google Finance, is now allowing a limited group of users to place bets on real contracts. The team reportedly targets a late November launch for its regulated US operations.
As it moves back into the US market, Polymarket is also looking to raise new financing at a valuation target of $12 to $15 billion.
Its last pre-money valuation stood at $8 billion after the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, said in September that it would commit up to $2 billion.