Polymarket Surpasses $1B in Trading Volume, Election Speculation Drives Surge

Polymarket, a leading crypto betting platform, has achieved a significant milestone, surpassing $1 billion in trading volume.

Crypto betting platform Polymarket has surpassed $1 billion in trading volume, largely driven by speculation on the upcoming United States presidential election.

According to data from Dune Analytics, Polymarket’s bet trading volume reached $1,051,670,878 million by July 31. This marks a significant increase from $111 million in June and $63 million in May.

The majority of this activity has been fueled by wagers on the US presidential election set for November 4, with over $458 million bet on the outcome so far.

Currently, former President Donald Trump holds a strong lead with 57% odds, while Vice President Kamala Harris has seen her odds improve significantly to 40%, following President Biden’s unexpected withdrawal from the race.

While Polymarket is predominantly used for betting on political outcomes, the platform also offers markets on a variety of topics, including cryptocurrency, sports, business events, and the 2024 Olympic Games.

The platform’s growth has been further bolstered by a $70 million Series B funding round led by Peter Thiel’s Founder Fund on May 14, with participation from Ethereum co-founder Vitalik Buterin.

To make the platform more accessible, Polymarket partnered with payments platform MoonPay on July 24. This collaboration enables users to make deposits using debit and credit cards, streamlining the onboarding process for those outside the cryptocurrency community.

Adding to its credibility and expertise, Polymarket enlisted election analyst and statistician Nate Silver as an adviser on July 16.

Interestingly, despite its focus on US events, Polymarket remains unavailable to American users.

With its diverse range of prediction markets and a growing global audience, Polymarket continues to thrive as a leading destination for speculative betting, attracting users keen on a wide array of topics.

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