Polymarket has partnered with payments platform MoonPay to expand payment options for users as betting volume on the crypto predictions platform soars to record levels amid speculation around the United States presidential election, according to a July 24 announcement by MoonPay.
As a result of the partnership, Polymarket’s users can now use payment methods including debit and credit card, Apple Pay, Google Pay and bank transfer, MoonPay said, adding that Polymarket users can also buy crypto with a PayPal account. Additionally, MoonPay’s Web3 marketing agency, Otherlife, will now support Polymarket.
“By enabling Polymarket users to buy crypto using major payment methods, we’re not only enhancing the user experience of this very popular marketplace but also driving greater adoption of decentralized platforms,” Ivan Soto-Wright, MoonPay’s co-founder and CEO, said in a statement. “This collaboration powerfully represents how simple integrations can fundamentally change the way people engage with digital assets in their day-to-day lives.”
According to Dune Analytics, Polymarket has seen upward of $260 million in betting volume in July, more than double the platform’s previous record of $111 million in June. Approximately $568.6 million has been traded on Polymarket since the start of 2024, according to the statement. Overwhelmingly, Polymarket’s spike in trading volume reflects speculators betting on the outcome of the US presidential election.
Currently, around $370 million rides on the outcome of the US presidential race, with bettors ascribing odds of 63% in favor of former US President Donald Trump, versus 33% for Kamala Harris, the presumptive Democratic nominee now that President Joe Biden has decided not to run. The remaining 3% reflects speculation that former First Lady Michelle Obama could potentially enter the presidential race and win.
Polymarket closed a $70 million Series B funding round led by Peter Thiel’s Founder Fund that also included contributions from Ethereum co-founder Vitalik Buterin. In July, Polymarket reportedly brought on election analyst and statistician Nate Silver as an adviser, according to a July 16 report from Axios.
While Polymarket is used primarily to speculate on American political events, it is not available to US users.