- Because of MoonPay and Polymarket’s integration, bettors can wager money from non-crypto vendors.
Popular cryptocurrency betting site Polymarket is updating its system to manage the increase in bets brought on the recent online excitement and the turbulent U.S. presidential election.
Soon, customers will be able to pay for bets using credit cards and bank transfers through Polymarket’s relationship with Miami-based MoonPay. This would streamline the existing stablecoin USDC purchase procedure on cryptocurrency exchanges.
Bettors would have needed to purchase USDC on a cryptocurrency exchange and transfer it to Polymarket prior to the MoonPay integration. Fees would be incurred for this purchase and transfer.
The first to report on this integration was Bloomberg.
The increasing ubiquity of Polymarket
Despite not being available in the US, Polymarket is expanding quickly as the US Commodities Futures Trading Commission is debating whether or not to outlaw event contracts. The business previously agreed to cease US operations while continuing overseas after being fined by the CFTC in 2022 for providing illegal trading services.
Because Polymarket uses blockchain technology and smart contracts, it is more transparent than traditional betting platforms because it gives customers more visibility into how share prices are calculated.
Polymarket has secured $70 million in fundraising, with Founders Fund spearheading the most recent round.
Record-breaking betting volumes have resulted from the election, which was characterized by extraordinary occurrences including incumbent Joe Biden withdrawing from the race and an attempt on the life of challenger Donald Trump.
The November election, in which Trump will face Vice President Kamala Harris, is drawing a lot of attention from bettors, according to the website.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
