Polymarket tests US exchange beta ahead of regulated November relaunch
Polymarket has launched a beta test of its US exchange, inviting select users to trade real contracts ahead of a full public relaunch. The move follows its July acquisition of QCEX, which provides CFTC-licensed derivatives and clearing services. Backed by a CFTC no-action letter, Polymarket US exchange aims for a late November launch. The platform switches to an open exchange model, letting users set prices and back outcomes directly. Polymarket plans a new financing round targeting a $12–15 billion valuation, up from its last $8 billion pre-money valuation after the Intercontinental Exchange (ICE) pledged up to $2 billion. Traders will gain regulated, onshore access to prediction markets, marking Polymarket’s shift from offshore operations.
Bullish
Polymarket’s US exchange beta launch marks a significant step toward regulated, on-shore prediction markets. Past moves by platforms that secured CFTC compliance—such as derivatives venues expanding liquidity and credibility—have driven user growth and trading volume. The planned late-November relaunch, backed by QCEX’s licenses and ICE’s $2 billion commitment, signals strong institutional support. In the short term, traders may anticipate higher volume and tighter spreads as liquidity shifts onshore. Long term, the regulated framework could attract new capital, enhance market stability, and boost user confidence. Overall, this development is likely to be bullish, reinforcing trust in prediction markets and spurring wider adoption.