The CEO of Polymarket, a large cryptocurrency-enabled prediction platform, has not ruled out the potential of collecting fees in the future to increase income.
Polymarket is now focused on extending its marketplace and improving the user experience, but founder and CEO Shayne Coplan says the firm may consider revenue options in the future.
According to a Forbes story published on July 31, one strategy might be to charge fees for using the platform.
Polymarket CEO Shayne Coplan hinted that the decentralized prediction market may explore monetization strategies in the future, including the potential introduction of platform fees, according to a Forbes report cited by Cointelegraph. #BitcoinWorld
— BitcoinWorld Media (@ItsBitcoinWorld) August 1, 2024
Polymarket, which launched in 2020, is a decentralized prediction market platform that allows users to place wagers on the outcomes of real-world events using cryptocurrency.
Users can bet on a variety of events, including the results of the forthcoming US presidential election in November 2024.
The platform employs the USDC stablecoin, allowing users to purchase and sell shares based on estimates of the possibility of future occurrences.
Polymarket also provides betting chances in the crypto business, allowing users to anticipate future prices of cryptocurrencies such as Bitcoin.
US presidential election takes the betting lead.
Polymarket’s rise in popularity is mostly due to speculation around the US presidential election. More than $429 million has been bet on the November 4 presidential election result, with Donald Trump leading the pack with 60% odds.
Following President Biden’s surprising resignation from the contest, Vice President Kamala Harris’ odds increased considerably from 1% to 38%.
Polymarket users have been focused on political events, but the platform also provides prediction markets in Bitcoin, sports, business, and the forthcoming 2024 Olympic Games.
Polymarket has broken new marks in recent months as interest in the US election develops.
Polymarket’s trading volumes surpassed $1 billion for the first time last month, with $343 million in betting volume generated in July alone.
The Polymarket platform has grown significantly, with monthly trade volumes up more than 200% in July compared to $111 million in June and more than 440% compared to $63 million in May 2024.
Polymarket raised $70 million in two fundraising rounds, including a $45 million Series B round in which Ethereum co-founder Vitalik Buterin participated. However, as noted in the Forbes piece, Polymarket has failed to generate enough money despite these excellent trade volumes.
Furthermore, on July 24, Polymarket collaborated with payments processor MoonPay to ease the onboarding process, particularly for non-crypto customers, by permitting debit and credit card payments.
.@Polymarket's astronomical success is the most important story in crypto right now, but it's so obvious that we are ignoring it, when we should be screaming it from the rooftops.Prediction markets are the purest technological manifestation of liberal democracy. They take free… pic.twitter.com/XlubHYDicq
— yuga.eth (@yugacohler) June 30, 2024
Prediction markets are the purest technological manifestation of liberal democracy,” Yuga Cohler, an engineering lead at cryptocurrency exchange Coinbase, wrote in a recent post on X.
“They take free markets and free speech as inputs and output truth. In an age when centralized control of information is a systemic risk, prediction markets offer a way of cutting through misleading narratives and viewing the unvarnished truth.”
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