Polymarket reached another landmark moment as Bloomberg moved to tap the Polygon-powered predictions market.
Global financial software and media outfit Bloomberg has decided to integrate Polymarket data into its election terminal, according to Michael McDonough, the firm’s chief economist for Financial Products.
Polymarket is a decentralized marketplace that allows users to bet on real-world outcomes and events, such as the U.S. Presidential Election. Bettors place wagers using Circle’s stablecoin (USDC) to buy shares on supported predictions.
Created in 2020 by Shayne Coplan, Polymarket’s popularity reached all-time highs this year. Traders tabled $100 million in cumulative bets in June, propelling the platform’s volume above $360 million for 2024.
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Per crypto.news, U.S. election outcomes commanded the lion’s share of Polymarket’s volume. Indeed, 88% of all bets on the predictions venue were election-related this year. Users had wagered over $750 million on the “Presidential Election Winner 2024” bet pool so far, the largest prediction outcome on the platform.
However, volume spikes tied to events like January’s spot Bitcoin (BTC) exchange-traded fund approval and the Paris Olympics in August also spurred substantial trading activity.
Bloomberg’s onboarding of Polymarket data may be seen as a nod from a traditional giant to a budding web3 service provider. ETF Store president Nate Geraci said the news reaffirmed blockchain utility to investors and market observers.
The move could also establish the crypto platform as an international user-focused opinion hotbed moving forward, at a time when some expressed doubts over the platform’s sustained volume post-elections.
I thought there were no use cases for Web3…BBG seems to find value here. https://t.co/apKgRiyHYc
— Nate Geraci (@NateGeraci) August 29, 2024
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