JPMorgan Cuts Off Polymarket's Banking Ties, But Still Wants In on a Future IPO

The account's closed, but the line's still open. That's probably the most accurate way to describe where things stand between JPMorgan and Polymarket right now.

According to a report from the Financial Times (FT), cited by The Block, JPMorgan terminated its banking relationship with prediction market platform Polymarket last October, with Polymarket having since moved its accounts to another bank that remains unnamed in the report. But the split wasn't a clean break—Polymarket says the company and JPMorgan still maintain a "close, active relationship."

What's more interesting is the second half of the story: the report notes that JPMorgan still hopes to play a role in Polymarket's potential future IPO. In other words, the bank may be willing to walk away from day-to-day banking business, but when it comes to the bigger deals—underwriting, listing advisory work—that's not something it's ready to give up.

The report doesn't name which bank Polymarket is currently working with, nor does it give any timeline or scale for the potential IPO—those details remain unclear for now.