Market tone: Bullish
John Chen · Crypto Briefing · 2026-10-09T16:08:40.000Z
The crypto firm has applied for DCM and FCM licenses as it prepares for a planned IPO targeting approximately $500 million
Blockchain.com wants to bring prediction markets and crypto derivatives to American users. It has asked the US Commodity Futures Trading Commission for permission to do it.
The company has filed applications for two CFTC licenses: a Designated Contract Market (DCM) license and a Futures Commission Merchant (FCM) license. The timing is notable. Blockchain.com is also preparing for an IPO that aims to raise approximately $500 million.
What Blockchain.com is asking for
A DCM lets a company operate a regulated exchange that lists contracts. An FCM lets it handle customer orders and funds tied to those contracts.
The company plans to use the licenses to offer event contracts and crypto derivatives. Both retail and institutional customers are the intended audience.
None of this is live in the US yet. The applications remain pending. Blockchain.com has not announced a timeline for an American launch.
Already doing it abroad, through partners
The US push would mirror products Blockchain.com already provides to international customers. Right now, it relies on outside platforms to deliver them.
In July 2026, the company partnered with Polymarket to offer prediction markets. Earlier in 2026, it turned to Hyperliquid to provide perpetual futures to select international users.
Perpetual futures are derivatives with no expiration date. Traders can hold positions indefinitely, as long as they keep up with funding payments and margin requirements.
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A CFTC-licensed setup in the US would be a different animal. Blockchain.com would be operating under American oversight directly, rather than routing users to third-party venues.
CEO Peter Smith framed the filings as part of an effort to build a unified platform. In his telling, customers would be able to manage their digital assets and trade derivatives in one place, under appropriate regulatory frameworks. He also pointed to the need to navigate a US regulatory landscape that is still taking shape.
A crowded line at the CFTC
Blockchain.com is far from the only firm knocking on the regulator’s door. Twelve companies, including Blockchain.com, have sought DCM licenses in 2026.
The CFTC has approved six new DCMs this year.
The license push lands in the middle of Blockchain.com’s preparations to go public. The company confidentially filed draft registration paperwork with the SEC in May 2026.
It is eyeing a listing later this year. The target valuation sits between $4 billion and $6 billion, with plans to raise approximately $500 million.
For Blockchain.com, the filings are about control and reach. Owning a licensed exchange and brokerage in the US would reduce dependence on Polymarket and Hyperliquid for core products.
For prospective IPO investors, the pending applications are a double-edged sword. Approval would strengthen the growth narrative behind a $4 billion to $6 billion valuation. Delays or a rejection would leave the US derivatives plan as a promise rather than a product, and the company has not committed to any launch date.
Blockchain.com’s pitch, as Smith describes it, leans on bundling: custody, trading, and derivatives in one app.
The key things to watch are the CFTC’s decision on both licenses, how quickly the agency works through its queue of applicants, and whether Blockchain.com’s public filing reveals more about how much these products contribute to its business.
Originally published by Crypto Briefing.