Polymarket surpasses $1B in betting business as volume rises in US election betting.
Polymarket has surpassed $1 billion in trading due to a surge in US election betting. Trump leads with a 57% chance; After Biden's withdrawal, Harris' chances rose to 40%. A $70 million Series B funding round and MoonPay partnership will accelerate the growth of Polymarket's platform.
Polymarket, a leading crypto betting platform, has hit a milestone of over $1 billion in transaction volume.
This expansion was mainly driven by high expectations of the upcoming United States presidential election.
Donald Trump is leading with a 57% chance.
According to Dune Analytics, Polymarket's betting volume reached $1,051,670,878 million as of July 31, up from $111 million in June and $63 million in May.
Much of this activity has been fueled by wagers on the November 4th US presidential election, with more than $458 million wagered so far.
Currently, former President Donald Trump holds a strong lead with 57% chances, while Vice President Kamala Harris has seen her chances improve significantly to 40% following President Biden's sudden withdrawal from the race.
Polymarket has grown significantly but remains unavailable to American users
Polymarketing is primarily used for betting on political outcomes, but the platform also offers markets on a variety of topics, including cryptocurrency, sports, business events and the 2024 Olympic Games.
On May 14, the platform's growth was further strengthened by the participation of Ethereum founder Vitalik Buterin in a $70 million Series B funding round led by Peter Thiel's Founding Fund.
To make the platform more accessible, Polymarket partnered with payment platform MoonPay on July 24. This collaboration allows users to make deposits using debit and credit cards, facilitating the onboarding process for those outside the cryptocurrency community.
Adding to his credibility and expertise, Polymarket appointed poll analyst and statistician Nate Silver as a consultant on July 16.
Interestingly, despite its focus on US events, Polymarket is still unavailable to US users.
With a wide range of prediction markets and a growing global audience, Polymarket continues to grow as a leading destination for speculative betting, attracting users across a wide range of topics.
