Key takeaways
- Polymarket is testing its American stock exchange live with selected users before a public relaunch.
- The platform adopts an open exchange model, allowing users to set prices and save results instead of trading for a house.
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Polymarket has launched a beta test of its U.S. exchange as it prepares for a return home after years of offshore operations, Bloomberg reported Wednesday.
Polymarket first hinted at its intention to re-enter the US market in July when it announced the acquisition of QCEX, a derivatives exchange and clearing house that holds the necessary licenses from the US Commodity Futures Trading Commission (CFTC). The plan is supported by a no-action letter from the CFTC.
The prediction platform, which recently joined Yahoo Finance and Google Finance, now allows a limited group of users to bet on real contracts. The team is reportedly aiming for a late November launch for its regulated operations in the United States.
As it returns to the US market, Polymarket is also looking to raise new financing with a valuation target of between $12 billion and $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, announced in September that it would commit up to $2 billion.
