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- Polymarket launches U.S. beta, testing live trades ahead of broader relaunch.
- The company acquires QCEX and seeks $12B–$15B in new funding for U.S. market entry.
- Google Finance to feature Polymarket data, increasing platform exposure and visibility.
Polymarket has launched its US exchange in a beta phase, starting with a limited number of users. The platform is now running live trades as it prepares for a broader relaunch in the US prediction market.
Founder Shayne Coplan confirmed the news at a recent conference in Miami, stating the exchange is fully functional for selected accounts. The beta test is an important step toward opening the platform to a wider audience in the US, according to Bloomberg.
This comes after a difficult phase of Polymarket. In 2022, the company also went offshore and paid a fine of $1.4 million to resolve Commodity Futures Trading Commission (CFTC) charges.
Polymarket Targets US Market Growth After Regulatory Challenges
The platform had undergone regulatory auditing on its crypto-based betting business. Polymarket is now seeking to exploit the increasing demand of prediction markets in the US, especially in the aftermath of the 2020 presidential election.
The beta will enable the company to fine-tune its exchange model that will allow users to determine their prices as well as support different outcomes.
There have already been entry rivals such as Kalshi and FanDuel into the U.S. market, with FanDuel already planning a prediction product launch in December. Polymarket is, however, emerging distinctly, as it is not proposing the traditional sportsbook model but rather it proposes a market-like platform.
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Traders are able to buy and sell the results of events, and this has made Polymarket different from other companies in the space. Coplan has stated that the platform was moving in the right direction, and it was incredible how the team had managed to work regardless of the regulatory hurdles.
QCEX Acquisition Boosts Regulatory Standing and US Market Access
At the beginning of this year, Polymarket purchased QCEX, which had a CFTC license to conduct a derivatives exchange. This acquisition has empowered Polymarket in terms of their regulatory ability and offers them an avenue to the US market.
The company is also looking to raise capital worth an amount ranging between $12 billion and $15 billion, and Intercontinental Exchange is expected to make a contribution of up to $2 billion to this venture. This investment would assist Polymarket in growing its business.
Polymarket will also get increased exposure. Prediction market pricing will soon be available to mainstream users through Google Finance’s live data on Polymarket and Kalshi. The visibility of Polymarket and its users will increase as the number of people using the platform increases.
This beta test will be key to the relaunch of Polymarket in the US. In case of its success, the site can transform the industry of the prediction market and establish itself in the American market.
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