The upcoming presidential election has led to a boom in revenue for a crypto company. But, why?
What’s happening:
- Crypto prediction market Polymarket has recently experienced enormous growth as a result of users speculating on the upcoming election in the United States
By the numbers:
- Polymarkets is nearing $1B USD in total betting volume just on the outcome of the upcoming presidential election
- There is also more than $200M USD in total betting volume on Polymarket wagering on other political events related to the presidential election
Why it matters:
- Leveraging digital assets for betting and gambling has been recently emerging as a growing trend, with crypto casinos starting to see record breaking upticks in both user growth and revenue
Going deeper:
- Polymarket has multiple notable backers, including angel investors such as AngelList co-founder Naval Ravikant, Balaji Srinivasan and Ethereum co-founder Vitalik Buterin
- Peter Thiel’s venture capital fund Founders Fund also previously led the Series B financing round for Polymarket in which they raised $45M USD
The intrigue:
- Aside from election speculation, users on Polymarket can wager on everything from sports championships to the success of new movie releases to the outcomes of high profile lawsuits
