Polymarket reached another historic moment when Bloomberg decided to tap into the prediction market powered by Polygon.
Bloomberg, a global financial software and media company, has… decided to integrate Polymarket data into its election terminal, according to Michael McDonough, the firm’s chief financial product economist.
Polymarket is a decentralized marketplace that allows users to bet on real-world outcomes and events, such as the US presidential election. Bettors place bets using Circle’s stablecoin (USDC) to buy stocks based on supported predictions.
Polymarket, created in 2020 by Shayne Coplan, hit an all-time high this year. Traders staked $100 million in total in June, bringing the platform’s volume to over $360 million by 2024.
According to crypto.news, the results of the US elections tidy The bulk of Polymarket’s volume. In fact, 88% of all bets on the prediction site were election-related this year. Users had wagered over $750 million in the “2024 Presidential Election Winner” betting pool so far, the largest prediction outcome on the platform.
However, volume spikes are tied to events like the January Bitcoin spot (Bitcoin) The approval of exchange-traded funds and the Paris Olympics in August also spurred significant trading activity.
Bloomberg’s addition of Polymarket data can be seen as a nod from a traditional giant to a budding web3 service provider. ETF Store president Nate Geraci said the news reaffirmed the utility of blockchain for investors and market watchers.
The move could also establish the cryptocurrency platform as a hotbed of user-focused international opinion in the future, at a time when some have expressed doubts about the platform’s sustained volume following the election.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.