Cryptocurrency market prediction platform Polymarket plans to return to the United States in the coming weeks, according to a Bloomberg report on Tuesday. The first deals are likely to occur by the end of November, sources told the news platform, but they won’t be widely available to everyone in the U.S. right away. The news comes less than two months after the CFTC approved Polymarket to operate a market prediction platform in the United States.
The prediction platform was previously banned from overseas in 2022 and paid a $1.4 million penalty to settle allegations of illegal trading with the Commodity Futures Trading Commission. It has grown in popularity overseas over the past year and is now set to make an official comeback in the United States. Polymarket currently has a waiting list for users to sign up, which the company says will be available soon. “We are working hard to launch our platform in the U.S. In the meantime, enter your phone number below to receive updates,” the company said on its website.
Polymarket is an American cryptocurrency-based prediction market headquartered in Manhattan, New York City. The platform, founded in 2020, previously faced hurdles in operating its forecasting platform in the United States. However, the return to the United States brought the company back and allowed it to continue its incredible growth over the past decade. Polymarket’s return coincides with an unprecedented wave of funding and deal growth. Together, Polymarket and Karshi have recorded more than $6.3 billion in transaction volume as of October, a near-record number.
Earlier this month, Intercontinental Exchange, the parent company of the NYSE, Acquired $2 billion in Polymarket stock.the platform is valued at approximately $8 billion. Additionally, the platform’s upcoming POLY tokens and airdrops could further foster competition between prediction market platforms vying for retail and institutional users.
