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Flash

Financial Times: JPMorgan Chase terminated banking services for Polymarket last year, but is still vying for its IPO underwriting opportunity

According to the Financial Times, JPMorgan Chase terminated its banking services for Polymarket last October due to regulatory concerns, requiring the company to seek new banking institutions. Previously, Polymarket was banned from providing services to U.S. customers after the Commodity Futures Trading Commission took enforcement action in 2022.Currently, Polymarket has partnered with a new bank, but the specific name has not been disclosed. JPMorgan Chase still maintains business dealings with Polymarket and invited its CEO Shayne Coplan to participate in a private banking client meeting held in Miami this February, where he spoke alongside former NFL player Tom Brady. Polymarket stated that the two parties continue to maintain a close and active relationship in various areas, including multiple entities, operational integration, and customer fund flow management.Since 2026, prediction market platforms like Polymarket and Kalshi have faced legal actions from multiple U.S. states regarding their alleged operation as illegal sports bookmakers, while the relevant platforms argue that they operate as exchanges facilitating trades between buyers and sellers, rather than as bookmakers. According to user aggregated data, the nominal trading volume of prediction markets has exceeded $250 billion since 2026.Meanwhile, Polymarket is seeking over $1 billion in financing, with a target valuation of $20 billion, more than doubling from the approximately $8 billion valuation during the last round of financing in 2025.

hot_img Reuters: Microsoft has closed at least 15 branches in China over the past five years, with AI overseas business becoming a key factor for retention

According to a report by Reuters, influenced by multiple factors such as the tense Sino-U.S. relations, China's push for domestic software alternatives, and U.S. export controls, Microsoft has closed at least 15 branches and joint ventures in China over the past five years, executing a strategic contraction. In 2023, the company internally considered exiting the Chinese market, as some executives believed that "the geopolitical risks outweighed the limited economic returns," but ultimately did not proceed with the exit. Microsoft disclosed in 2024 that its business in China accounted for only about 1.5% of its global revenue.The report states that Microsoft's final decision to remain in China was primarily due to the establishment of a profitable path—providing Azure cloud and AI services to Chinese companies like ByteDance and Shein, helping them operate compliantly in overseas markets. Additionally, the company believes that retaining its business in China remains strategically significant for acquiring engineering talent. However, analysts question the sustainability of this AI business model: the service relies on third-party models like OpenAI, and Chinese companies are increasingly adopting domestic alternatives like Kimi, which offer comparable performance at lower costs.Microsoft's research and development presence in China is also contracting. Its predecessor, Microsoft Research Asia, has successively established new labs in Vancouver, Singapore, and Tokyo. In 2024, the company offered job opportunities to 1,000 top engineers to relocate to the U.S. and three other countries, but only about one-third accepted, with most senior engineers moving to domestic universities and tech companies. A Microsoft spokesperson responded that the company will continue to commit to the Chinese market but did not comment on specific decision details. ByteDance and Shein did not respond to related inquiries.

Macroeconomic policy expectations continue to change, and Gate institutions are continuously upgrading their professional trading infrastructure

In July, the US CPI rose by 0.1% month-on-month and 3.4% year-on-year, while the core CPI increased by 2.5% year-on-year, overall in line with market expectations. As the market continues to assess the Federal Reserve's subsequent policy path, the impact of macro changes on asset allocation and trading strategies is continuously strengthening, further enhancing institutions' focus on liquidity management and trading execution efficiency.Against this backdrop, Gate institutions are continuously improving professional trading infrastructure. According to the transparency report released by the platform in July, Gate CrossEx added one mainstream exchange and 23 trading pairs, launched RPI Orders, reduced the highest fees of multiple exchanges by 50%, and introduced new APIs for market data, funding rates, batch order cancellations, and several WebSocket features; by optimizing concurrent order placement and execution feedback delays, system performance improved by 50%, while the launch of Colo services further reduced trading latency.In addition, SuperLink continues to optimize Fireblocks Gas management and settlement processes, further enhancing institutions' cross-platform asset management and trading collaboration capabilities. In the future, Gate institutions will continue to advance infrastructure upgrades around core capabilities such as trading execution, liquidity, and cross-platform collaboration, providing professional investors with more efficient and stable institutional-level trading services.
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