Polymarket Collobrate With Payments Platform MoonPay

Decoding The Polymarket and MoonPay Partnership

Polymarket gathering everyone's attention with its record-breaking volumes and strategic partnership with the payment platform MoonPay.  Polymarket and MoonPay collaborate to develop payment options amid record betting volumes driven by the U.S. presidential election. The partnership is beneficial to Users as they can now use debit and credit cards, Apple Pay, Google Pay, and bank transfers as payment options. Moreover, MoonPay added that users can use PayPal to buy crypto. 

MoonPay's Web3 marketing agency, Otherlife, will also support Polymarket. This collaboration seeks to enhance user experience and drive greater adoption of decentralized platforms, according to MoonPay's co-founder and CEO, Ivan Soto-Wright.

PolyMarket Smash New Record; Surpass $275M Volume

In July, Polymarket, a decentralized prediction platform, reached a record monthly trading volume surpassing $275 Million. The surged volume is driven by heightened interest in U.S. political events. As per the data of Block in June the volume was approximately $100 Million.

The platform's trader count also hit a new high, surpassing 33,000, an eightfold increase since January. Open interest reached an all-time high of $65 million. Popular markets include bets on the next U.S. president and the Democratic party’s presidential nomination, with Vice President Kamala Harris currently favored. This surge in activity has boosted Polymarket’s visibility as a reliable platform for political predictions.

PolyMarket Making Buzz 

Polymarket is rapidly growing despite being unavailable in the US and facing a potential ban on event contracts by the CFTC. The platform, which uses smart contracts and blockchain for transparency, previously halted US operations after a CFTC fine in 2022. 

Polymarket has raised $70 million, with its latest funding round led by Founders Fund. The upcoming US election, featuring unprecedented events like an assassination attempt on Donald Trump and Joe Biden exiting the race, has driven record betting volumes. Significant interest is seen in the November election, where Trump will face Vice President Kamala Harris.

Conclusion

Polymarket's rapid growth and record-breaking trading volumes highlight its increasing popularity and reliability as a platform for political predictions. Despite regulatory challenges and its unavailability in the US, strategic partnerships like the one with MoonPay and significant funding have bolstered its capabilities and user experience. As the US presidential election approaches, Polymarket continues to attract significant interest and activity, solidifying its position in the decentralized prediction market space.

Also Read: Polymarket Breaking Records with Election Speculations