JPMorgan Cut Polymarket’s Banking Over Regulatory Risk
JPMorgan ended Polymarket’s primary banking relationship last October over regulatory concerns, even as the prediction market deepened ties with other parts of Wall Street.
• In October, NYSE parent Intercontinental Exchange invested an initial $1 billion in Polymarket as part of a deal worth up to $2 billion, valuing the company at roughly $8 billion.
#DeFi #Polymarket #JPMorgan #PredictionMarkets #ICE #Regulation
@DeFiYieldChannel
JPMorgan ended Polymarket’s primary banking relationship last October over regulatory concerns, even as the prediction market deepened ties with other parts of Wall Street.
• JPMorgan "broke with" Polymarket in October over regulatory concerns, forcing the platform to move its primary banking relationship to an undisclosed lender.
• At the time, Polymarket was still barred from serving U.S. users following its 2022 CFTC settlement and was working toward a regulated return.
• JPMorgan still maintains a "close, active relationship" with Polymarket, including handling significant customer fund flows, and could potentially underwrite a future IPO.
• In October, NYSE parent Intercontinental Exchange invested an initial $1 billion in Polymarket as part of a deal worth up to $2 billion, valuing the company at roughly $8 billion.
#DeFi #Polymarket #JPMorgan #PredictionMarkets #ICE #Regulation
@DeFiYieldChannel