MoonPay’s Integration with Polymarket

MoonPay’s integration with Polymarket allows bettors to wager funds from non-crypto vendors.

Polymarket, a prominent crypto betting platform, is enhancing its system to manage the increased wagers spurred by recent online interest and the volatile U.S. presidential election. This upgrade is in collaboration with Miami-based MoonPay, which will soon enable users to place bets using bank transfers and credit cards. This move simplifies the current process of purchasing stablecoin USDC on a crypto exchange.

MoonPay partners with Polymarket to enable credit card payments for the leading prediction market.

This collaboration will also allow the use of additional crypto assets beyond USDC, along with direct bank transfers.

Before the MoonPay integration, bettors had to buy USDC on a crypto exchange and transfer it to Polymarket, incurring fees in the process.

Polymarket’s Growing Popularity

Despite being unavailable in the U.S., Polymarket is expanding rapidly. The U.S. Commodity Futures Trading Commission (CFTC) is considering a ban on event contracts. In 2022, Polymarket faced a CFTC fine for illegal trading services and agreed to cease U.S. operations while continuing internationally.

Polymarket offers greater transparency through its use of smart contracts and blockchain technology, providing users with more insight into share price calculations compared to traditional betting platforms.

Polymarket has raised $70 million in funding, with its latest round led by Founders Fund.

The U.S. Presidential Election and Betting Volumes

The election has seen unprecedented events, including an assassination attempt on candidate Donald Trump and incumbent Joe Biden exiting the race, leading to record betting volumes. The site is experiencing substantial interest in the November election, where Trump will face Vice President Kamala Harris.

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