Polygon Crypto’s Polymarket Back In The U.S: POL Price to Soar?

Key Insights

• Polymarket has acquired licensed exchange QCX for $112M to resume U.S. operations, as Polygon crypto aims for a comeback.
• U.S. regulators recently closed investigations into Polymarket’s activities.
• POL token price rose 10% following the news, reaching $0.2586.

Polymarket has announced plans to re-enter the U.S. market after acquiring QCX, a licensed derivatives exchange, for $112 Million.

Notably, the move follows the closure of government probes into its operations and has resulted in a 10% price increase for POL as of writing.

Polymarket Buys QCX to Reopen in U.S. Market

According to Bloomberg, Polymarket, a crypto-betting platform under the Polygon network, is set to make a legal return to the United States.

The company has reached a $112 Mllion deal to acquire QCX. This is a derivatives exchange that received regulatory approval from the Commodity Futures Trading Commission (CFTC) on July 9.

According to the update, the agreement will enable Polymarket to operate within U.S. regulations, a significant shift from its earlier position.

The platform had been forced to relocate offshore after facing pressure from federal regulators.

In 2022, Polymarket settled with the CFTC and agreed to block U.S.-based traders due to a lack of proper registration.

Earlier this month, both the CFTC and the U.S. Department of Justice closed their investigations into the company.

These investigations were centered on whether Polymarket had continued to allow access to U.S. users after the settlement.

A Polymarket spokesperson confirmed the acquisition of QCX. QCX declined to comment, and the CFTC has not released an official statement.

Polymarket gained widespread recognition during the 2024 U.S. presidential election season.

During that period, users placed large bets on political outcomes, including the possible return of Donald Trump to the White House.

The site’s presence was visible through campaigns in New York City and at the Republican National Convention.

It garnered significant attention to the platform’s expanding role in the crypto prediction markets.

Beyond Polymarket’s return, the larger Polygon ecosystem has also seen key developments.

Sandeep Nailwal, CEO of the Polygon Foundation, recently shared updates on the network’s latest upgrades.

According to him, the upgrade is designed to enhance transaction stability and minimize reorganization events.

He referenced the rollout of Heimdall v2, a technical update designed to enhance the network’s reliability.

The upgrade is part of efforts to build trust with users and crypto exchanges, with platforms like Crypto.com now enabling fast withdrawals of the POL token in under two minutes.

Nailwal also noted that Polygon had experienced strong capital inflows in recent months.

In terms of net inflows, it ranked as the second-highest blockchain network during the past quarter, with roughly $500 Million coming into the ecosystem.

It is worth noting that Polygon crypto has been growing steadily as an Ethereum Layer 2 protocol. This growth comes even as other digital asset firms have faced setbacks due to regulatory uncertainty in recent years.

POL Crypto Price Moves Up After Announcement

It is worth noting that the news of the Polymarket deal had a significant impact on the POL token.

The token, formerly known as MATIC, rose by 10% following the announcement, hitting a price of $0.2586.

The asset is currently ranked in the 43rd position, with a market capitalization of $2.69 Billion.

More importantly, traders have responded to the news with renewed interest, as showcased by its bullish trading volume.

While there are no confirmed targets, some observers are watching to see if POL might approach the $0.8 range in the future.

The acquisition of QCX not only brings Polymarket back to the U.S. market but also signals growing confidence in the Polygon ecosystem.

The combination of regulatory progress, technical upgrades, and token performance points to a new phase of activity for the network.

With the deal now confirmed, Polymarket is expected to resume complete services for U.S. users in the near term.

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