Blockchain.com is seeking US registrations that could take it from distributing products supplied by Polymarket and Hyperliquid to operating its own derivatives business, CNBC reported.

The company has reportedly applied to operate a designated contract market (DCM) and a futures commission merchant (FCM). Together, the two registrations would allow Blockchain.com to run an exchange while handling customer accounts, orders and collateral.

NFA records show that Blockchain.com Derivatives Inc. has had pending applications for FCM registration and NFA membership since August 25. The application remains under review, meaning the company is not yet authorised to conduct FCM business.

The reported DCM application is not yet visible in public CFTC records. No public filing currently provides details of the proposed exchange’s products, market-access model or expected launch date.

From Distributor to Market Operator

Blockchain.com already gives users access to derivatives markets through its own interfaces, but the products and trading infrastructure come from other providers.

Its Polymarket integration places event contracts inside the company’s brokerage app for eligible international users. Perpetual futures available through its self-custody wallet are powered by Hyperliquid.

This model allows Blockchain.com to add new products without operating the underlying markets. The company provides the customer channel, while its partners supply the contracts and execution infrastructure.

DCM and FCM registrations would move more of that structure in-house. Blockchain.com could list its own event contracts and crypto derivatives while onboarding eligible US customers directly.

Robinhood Uses a Similar Blueprint

Robinhood also began by distributing event contracts from an external exchange. It later formed a joint venture with Susquehanna that acquired MIAXdx, gaining an existing exchange and clearinghouse now operating as Rothera.

Blockchain.com has not disclosed whether it plans to build or acquire clearing infrastructure or work with an external provider.

Its applications nevertheless point to the same broader shift: from offering access to other companies’ derivatives products to seeking control over the market and customer relationship itself.

This article was written by Tanya Chepkova at www.financemagnates.com.FinTechRead More

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