Polymarket CEO Refutes Allegations of Political Bias

Polymarket CEO Shayne Coplan has firmly denied recent allegations from the New York Times that the prediction platform exhibits political bias. Coplan characterized the Polygon-based betting service as a neutral alternative data source, currently gaining traction due to election-related interest. These remarks were made in response to claims that Polymarket engages in partisan manipulation and is merely a “crypto-powered gambling” site.

Coplan also addressed speculation that entrepreneur Peter Thiel and his Founders Fund have significant influence over the company. Although Founders Fund invested $45 million in Polymarket, Coplan clarified that neither Thiel nor his fund are major stakeholders in the firm.

According to Coplan, Polymarket operates as a free market where users set the prices and odds. The platform, built on decentralized technology, ensures that third parties can only observe trading data.

The beauty of Polymarket is it’s all peer-to-peer and transparent. Even more transparent than traditional finance, where all the data is obfuscated and only visible to the operator. That’s why everyone is able to audit all the usage – which is a good thing for free markets. A feature, not a bug.

Shayne Coplan further emphasized Polymarket’s non-partisan stance through a social media post:

“Given the latest New York Times article on Polymarket, this seems like a good time to make clear: Polymarket is strictly non-partisan. We get told we’re Dem operatives and MAGA, depending on the day. Unfortunately, the story is much less juicy, we’re just market nerds who…”

Polymarket’s Growth and Market Activity

Polymarket has been a standout in the cryptocurrency space this year, recording over $1 billion in September bets alone. The platform’s largest market, focused on the U.S. presidential elections, saw over $2.3 billion in volume 11 days before the election.

As of this writing, Donald Trump holds a lead over Kamala Harris on Polymarket. Trump’s probability of winning stands at 64.1%, while Harris’ odds have dropped to 35.9%.

Transaction Fees and Platform Transparency

Despite the significant betting volume, data shows that Polymarket has remitted less than $30,000 in transaction fees to Polygon’s blockchain this year. This has sparked discussions about the platform’s efficiency and cost-effectiveness.

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