TL;DR
- Polymarket partners with MoonPay to offer more payment methods, including debit and credit cards, Apple Pay, Google Pay, and cryptocurrencies via PayPal.
- The integration with MoonPay has facilitated an increase in the platform’s trading volume, which recorded over $260 million in bets just in July.
- The platform is not available to users in the U.S., although its influence continues to grow globally.
Polymarket, the leading cryptocurrency-based prediction platform, has announced a strategic partnership with MoonPay to expand its payment options at a time when the betting volume on the platform is reaching record numbers due to speculation about the U.S. presidential election.
This partnership will allow Polymarket users to use a variety of payment methods, including debit and credit cards, Apple Pay, Google Pay, and bank transfers. Additionally, users will be able to buy cryptocurrencies through their PayPal account, facilitating access to a broader audience.
Odds that MoonPay has partnered with @Polymarket as their exclusive on-ramp just shot up to 100%.
Polymarket's community can now fund their accounts using PayPal, Apple Pay, Google Pay, debit card, credit card, and bank transfer! pic.twitter.com/ioKlqQFU4Z
— MoonPay 🟣 (@moonpay) July 24, 2024
The integration with MoonPay is a necessary step for Polymarket, which has seen a dramatic increase in its trading volume. According to recent data, the platform has recorded over $260 million in bets just in July, marking a significant difference from the previous record of $111 million set in June. Since the beginning of 2024, the platform has handled approximately $568.6 million in transactions, with most of these bets focused on the outcome of the U.S. presidential election.
Polymarket Is Not Available in the United States
The current betting focus is heavily tilted towards the U.S. presidential race, with around $370 million riding on the outcome of the elections. Bettors are assigning a 63% chance to former President Donald Trump to win, while Vice President Kamala Harris, the current Democratic nominee, has a 33% chance. Additionally, there is a 3% speculation about a potential entry into the race by Michelle Obama.
On the other hand, seeking to strengthen its market position, Polymarket recently closed a $70 million Series B funding round. This was led by Peter Thiel’s Founder Fund and included investments from Ethereum co-founder Vitalik Buterin. Nate Silver, a well-known election analyst and statistician, has also joined their advisory team.
Despite its success in the prediction market and the expansion of its payment methods, Polymarket is not available to users in the United States, which limits its access in the local market. However, the recent partnership with MoonPay and the significant increase in betting volume demonstrate its growing influence.
