Polymarket Bets on MoonPay Partnership Amid Election Frenzy

According to MoonPay, Polymarket now takes PayPal for cryptocurrency purchases and most fiat payments.

According to a July 24 release by MoonPay, Polymarket has collaborated with payments provider MoonPay to boost payment options for users as betting activity on the crypto predictions platform climbs to record levels amid anxiety surrounding the US presidential election.

Thanks to Polymarket’s relationship with MoonPay, Polymarket users may now make payments with bank transfers, Apple Pay, Google Pay, debit and credit cards, and more. Polymarket customers can also purchase cryptocurrency using a PayPal account. Furthermore, Otherlife, MoonPay’s Web3 marketing agency, will now assist Polymarket.

Ivan Soto-Wright, co-founder and CEO of MoonPay, said, “By enabling Polymarket users to buy crypto using major payment methods, we’re not only enhancing the user experience of this trendy marketplace but also driving greater adoption of decentralized platforms.” “This partnership demonstrates how straightforward integrations can radically alter how people interact with digital assets daily.”

According to Dune data, Polymarket witnessed a betting volume of up to $260 million in July, more than doubling the platform’s previous record of $111 in June. Since the beginning of 2024, about $568.6 million has been transacted on Polymarket, the statement states. The rise in the trade volume on Polymarket can be attributed to bets made by speculators based on the result of the US presidential election.

Currently, $370 million is at stake for the winner of the US presidential election, with 63% of bettors favoring former US President Donald Trump and 33% favoring Kamala Harris, the presumed Democratic contender in light of Joe Biden’s decision not to run. The remaining 3% represents predictions that the former First Lady Michelle Obama may run for president and win.

Vitalik Buterin, the co-founder of Ethereum, contributed to the $70 million Series B fundraising round that Polymarket closed, which Peter Thiel’s Founder Fund spearheaded. According to an Axios report from July 16, Polymarket reportedly hired election analyst and statistician Nate Silver as an advisor in July.

Polymarket isn’t accessible to users in the United States, although it’s mainly used to speculate on American political events.