Polymarket, a popular crypto betting platform, has reached a major milestone by surpassing $1 billion in trading volume. This achievement has been fueled by the high interest in the upcoming US presidential election, with bets totaling over $458 million so far.
Former President Donald Trump is currently in the lead with 57% odds, while Vice President Kamala Harris has seen her odds increase to 40% after President Biden’s unexpected withdrawal from the race. Despite its focus on US events, Polymarket offers markets on various topics such as cryptocurrency, sports, business events, and the 2024 Olympic Games.
The platform’s growth has been supported by a $70 million Series B funding round led by Peter Thiel’s Founder Fund and participation from Ethereum co-founder Vitalik Buterin. Additionally, a partnership with MoonPay allows users to make deposits using debit and credit cards, making it more accessible to those outside the cryptocurrency community.
To enhance its credibility, Polymarket has enlisted election analyst Nate Silver as an adviser. It’s worth noting that despite its global reach, Polymarket is still not available to American users.
With its diverse range of prediction markets and a growing international audience, Polymarket continues to attract users interested in speculative betting on a wide range of topics. The platform’s success highlights the growing popularity of crypto betting and the increasing interest in predicting the outcomes of major events.