Polymarket has announced a collaboration with MoonPay, a payments platform, to improve customer payment choices as betting volume on the cryptocurrency predictions platform reaches all-time highs amid US presidential election speculation.
The collaboration enables Polymarket customers to buy cryptocurrency using a variety of payment options, including bank transfers, PayPal, Apple Pay, Google Pay, debit and credit cards, and more. Otherlife, MoonPay’s Web3 marketing agency, will assist Polymarket as well.
The CEO and co-founder of MoonPay, Ivan Soto-Wright, emphasized the importance of the partnership by saying that it makes it easier to integrate popular payment methods, improving user experience and encouraging the usage of decentralized platforms.
As per Dune Analytics, Polymarket has seen a dramatic increase in betting volume, reaching over $260 million in July, significantly surpassing its previous record of $111 million in June.
The statement said that since the beginning of 2024, approximately $568.6 million has been traded on Polymarket, with a substantial portion attributed to bets on the US presidential election.
Currently, around $370 million is riding on the election outcome, with bettors assigning a 63% probability to former US President Donald Trump winning and a 33% chance to Kamala Harris. There is also speculation that Michelle Obama might enter the race.
Additionally, Polymarket closed a $70 million Series B funding round led by Peter Thiel’s Founder Fund, with contributions from Ethereum co-founder Vitalik Buterin. In July, election analyst Nate Silver joined Polymarket as an adviser. Despite its popularity, Polymarket remains unavailable to US users.
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