Polymarket, a well-known cryptocurrency betting platform, is making changes to accommodate the increasing number of bets being placed due to recent online trends and the unpredictable U.S. presidential election. In a new collaboration with MoonPay, a Miami-based company, Polymarket users will soon have the option to pay for their bets using bank transfers and credit cards. This will streamline the current process, which involves purchasing USDC stablecoin on a cryptocurrency exchange.
Before this partnership with MoonPay, bettors had to go through the hassle of buying USDC on a crypto exchange and then transferring it to Polymarket, incurring additional fees along the way. With this new integration, users will have more convenient payment options available to them.
The news of MoonPay’s partnership with Polymarket was first reported by Bloomberg, highlighting the growing popularity of the platform. Despite not being accessible in the US, Polymarket has been experiencing rapid growth, especially as the US Commodity Futures Trading Commission considers implementing a ban on event contracts. Following a fine from the CFTC in 2022 for providing illegal trading services, Polymarket agreed to cease operations in the US while continuing to operate in other countries.
One of the reasons for Polymarket’s appeal is its transparency, thanks to its use of smart contracts and blockchain technology. This allows users to have a better understanding of how share prices are calculated compared to traditional betting platforms. The platform has also been successful in securing funding, with a recent $70 million investment round led by Founders Fund.
The upcoming US election, which has been marked by unprecedented events such as an assassination attempt on candidate Donald Trump and the withdrawal of incumbent Joe Biden from the race, has led to a surge in betting activity on Polymarket. Many users are showing interest in betting on the November election, where Trump will be facing off against Vice President Kamala Harris.
Overall, the collaboration between MoonPay and Polymarket is set to provide users with more convenient payment options and further enhance the platform’s appeal to bettors interested in cryptocurrency and political betting markets. This partnership comes at a time when Polymarket is experiencing significant growth and attention, despite facing regulatory challenges in certain markets. With the integration of MoonPay, users can expect a smoother betting experience and more flexibility in funding their accounts for future bets.