The post Polymarket Taps MoonPay for Crypto Payments Amid Election Rush appeared on BitcoinEthereumNews.com.

Polymarket,  a cryptocurrency betting platform, has chosen software from Miami-based MoonPay to allow users to create transactions via bank transfers and credit cards. This step is associated with the highly turbulent US presidential election that has stimulated the increased betting activity on Polymarket. Election Fuels Betting Frenzy on Polymarket Polymarket has had to enhance its infrastructure due to the high betting volumes that have been triggered by the ongoing US presidential election. This election, which was full of surprises like an assassination attempt on Donald Trump and Joe Biden’s dropping out of the race, has led to new record-high levels of betting. Polymarket has witnessed a surge in trading, with a record $260 million in bets placed in July, more than one-third of the annual volume, as per Dune Analytics. David Rosenberg, Polymarket’s Vice President of Strategy, attributed the rapid increase in the platform’s user base to the election’s volatility. So far, $366 million has been bet on the November election outcome, and Trump is now the favorite against Harris, particularly after Biden suspended his campaign and Trump’s successful rallies. Polymarket Expands Payment Options with MoonPay To address the high volume of wagers, Polymarket is integrating MoonPay’s software through which users can place their bets using traditional financial instruments such as bank transfers and credit cards. This development is intended to make the user experience more seamless by removing the need to buy and transfer stablecoin USDC from a crypto exchange. Rosenberg underlined that the platform should be understandable by anyone, stressing that “you shouldn’t have to be a deep crypto native to get something out of this.” As for the cooperation with MoonPay, it is also expected to allow accepting various crypto assets for bets, thus expanding the audience of the platform. Left: depositing to @Polymarket todayRight: depositing to…

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Filed under: News - @ July 24, 2024 9:22 pm