Robinhood Derivatives LLC has introduced a new trading contract tied to the U.S. presidential election, allowing select users to speculate on the upcoming Nov. 5 general election.

Trading Contracts for the 2024 Presidential Election

Robinhood has announced that eligible U.S. customers can trade two distinct contracts in the “who will win the 2024 presidential election” market. These contracts, featuring Donald Trump and Kamala Harris, became available on Oct. 28.

We believe event contracts give people a tool to engage in real-time decision-making, unlocking a new asset class that democratizes access to events as they unfold.

The statement from the California-based trading firm did not specify any options for cryptocurrency deposits or user account funding, indicating that trades would be conducted and settled in fiat currency.

Growing Popularity of Event Contracts

This year, event contracts related to real-world events and cryptocurrency outcomes have gained significant traction, with billions in trading volume on platforms like Polymarket and Kalshi. While presidential prediction and electoral betting markets are not new, their integration with modern platforms marks a significant evolution.

For instance, projects like Polygon-powered Polymarket have embraced America’s long-standing tradition of betting by leveraging blockchain technology. Founded by Shayne Coplan, Polymarket has reported over $2.3 billion in presidential event contract trading volume. Despite its success, Polymarket remains unavailable to U.S. users and has consistently maintained this policy.

Kalshi, another major player, caters specifically to U.S. customers as a regulated exchange. The Manhattan-based firm may soon offer cryptocurrency deposits, adding to its existing digital asset-linked markets, although it currently settles wagers in fiat currency.

Trends and Future Prospects

Prediction markets are expected to remain a significant trend in 2024, as global users increasingly seek alternative data sources and social sentiment indicators. According to CoinGecko, the event outcome sector has surged over 500% in the past 12 months, drawing new institutional participants such as Wintermute.

For more updates on the latest trends and developments in the cryptocurrency world, stay tuned to Global Crypto News.

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