Blockchain.com has applied for two registrations with the Commodity Futures Trading Commission (CFTC), the federal regulator of U.S. futures and derivatives markets, seeking to offer prediction markets and crypto derivatives to traders in the United States. The company is pursuing approval to operate as both a designated contract market and a futures commission merchant.

If granted, the registrations would enable Blockchain.com to provide event-based prediction contracts and crypto derivatives within the U.S., extending its regulated offerings in the American market. The dual approach would allow the company to operate both the marketplace where such products trade and the regulated intermediary serving customers, at a time when prediction markets and perpetual-style crypto products are becoming increasingly significant in the competitive landscape of major trading platforms.

A Two-Track Regulatory Application

The applications represent a strategic step toward broadening Blockchain.com's product suite and enhancing user retention. By offering a wider array of financial activities within a platform—including spot markets, derivatives, prediction contracts, and payments—the company aims to keep more customer activity inside its ecosystem, with each line of business reinforcing the others when integrated.

The regulatory distinctions matter. Designated contract markets are regulated exchanges capable of listing futures and options for a diverse range of traders, while futures commission merchants manage customer relationships by soliciting derivatives orders and handling customer funds under specific financial and operational rules. For customers, those rules carry practical weight: under the Commodity Exchange Act, FCMs must hold client funds separately from a firm's own capital. By pursuing both registrations, Blockchain.com is seeking to establish a comprehensive operational framework.

The path to approval is rigorous. Becoming a designated contract market involves a thorough review of governance, market surveillance, financial resources, and system safeguards. Registration as a futures commission merchant adds further requirements concerning customer funds, capital, disclosures, and ongoing supervision. The company's pursuit of both registrations underscores the complexity and rigor involved in operating within U.S. regulated financial markets.

Prediction Markets Move From Niche to Mainstream

Prediction markets have evolved from a niche category into mainstream trading discussion, enabling users to bet on the outcomes of real-world events such as elections, economic data releases, sports results, and policy decisions.

Blockchain.com currently offers access to prediction markets for some international users through a partnership with Polymarket, and also provides perpetual futures powered by Hyperliquid. Bringing comparable services to U.S. customers under a more closely supervised environment would mark a significant shift for the company.

The registration push is occurring as Blockchain.com continues to explore a public listing. Previous reports indicated that the company has been considering an initial public offering (IPO) with a valuation in the range of $4 billion to $6 billion. A regulated derivatives business could enhance its profile, positioning it as a broader trading infrastructure provider rather than solely a crypto platform.

Broader Industry Trend

The development aligns with a wider trend in the crypto industry where platforms are expanding beyond spot trading volume into derivatives, tokenized securities, and payments. Regulated U.S. venues for crypto derivatives are not new — CME Group has listed bitcoin futures since 2017 — but the latest applications show crypto-native platforms pursuing the same framework for newer product categories such as event contracts. Companies that successfully secure the necessary licenses and build robust infrastructure may gain an advantage in retaining customer activity. Blockchain.com's applications, while not guaranteeing approval, point to a growing industry move toward gaining access to more regulated financial products and establishing formal compliance structures.

The filings highlight a strategic effort by Blockchain.com to serve both retail and institutional traders, potentially reshaping how the platform operates in the U.S. The company is seeking the approvals needed to offer these products in a closely supervised setting, presenting the initiative as a commitment to regulatory compliance as it expands its services. The move can also be viewed in the context of major financial institutions increasingly shifting core operations onto blockchain networks, and reflects the evolving landscape of digital asset trading and the growing demand for regulated products in the space. Whether both registrations are ultimately granted — and on what timeline — remains with the CFTC's review.