MoonPay’s integration with Polymarket allows bettors to wager funds from non-crypto vendors.
Polymarket, a popular crypto betting site, is upgrading its platform to handle the surge in wagers driven by recent online hype and the tumultuous U.S. presidential election.
In partnership with Miami-based MoonPay, Polymarket will soon enable users to pay for bets via bank transfers and credit cards, simplifying the current process of purchasing stablecoin USDC on a crypto exchange.
BREAKING: Moonpay partners with Polymarket to enable credit card payments for the leading prediction marketThis partnership will also enable additional crypto assets to be used beyond USDC, along with direct bank transfers. pic.twitter.com/SHXmo40mui
— TylerD 🧙♂️ (@Tyler_Did_It) July 24, 2024
Before the MoonPay integration, bettors would have to buy USDC on a crypto exchange and transfer it over to Polymarket. This buying and transferring would incur fees.
Bloomberg was the first to report on this integration.
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Polymarket’s growing popularity
Even though Polymarket is unavailable in the US, it is growing rapidly even as the US Commodity Futures Trading Commission considers a ban on event contracts. The company previously faced a CFTC fine in 2022 for illegal trading services, agreeing to halt US operations while continuing abroad.
Polymarket is more transparent due to its use of smart contracts and blockchain technology, which provides users with greater insight into share price calculations than traditional betting platforms.
Polymarket has raised $70 million in funding, with its latest round led by Founders Fund.
The election, marked by unprecedented events such as an assassination attempt on candidate Donald Trump and incumbent Joe Biden exiting the race, has led to record betting volumes.
The site sees significant interest in betting on the November election, in which Trump will face Vice President Kamala Harris.
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