Bloomberg To Onboard Polymarket Election Data

Polymarket reached another landmark moment as Bloomberg moved to tap the Polygon-powered predictions market.

Global financial software and media outfit Bloomberg has decided to integrate Polymarket data into its election terminal, according to Michael McDonough, the firm’s chief economist for Financial Products.

Polymarket is a decentralized marketplace that allows users to bet on real-world outcomes and events, such as the U.S. Presidential Election. Bettors place wagers using Circle’s stablecoin (USDC) to buy shares on supported predictions.

Created in 2020 by Shayne Coplan, Polymarket’s popularity reached all-time highs this year. Traders tabled $100 million in cumulative bets in June, propelling the platform’s volume above $360 million for 2024.

Per crypto.news, U.S. election outcomes commanded the lion’s share of Polymarket’s volume. Indeed, 88% of all bets on the predictions venue were election-related this year. Users had wagered over $750 million on the “Presidential Election Winner 2024” bet pool so far, the largest prediction outcome on the platform.

However, volume spikes tied to events like January’s spot Bitcoin (BTC) exchange-traded fund approval and the Paris Olympics in August also spurred substantial trading activity.

Bloomberg’s onboarding of Polymarket data may be seen as a nod from a traditional giant to a budding web3 service provider. ETF Store president Nate Geraci said the news reaffirmed blockchain utility to investors and market observers.

The move could also establish the crypto platform as an international user-focused opinion hotbed moving forward, at a time when some expressed doubts over the platform’s sustained volume post-elections.

RECENT NEWS

Ether Surges 16% Amid Speculation Of US ETF Approval

New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more

BlackRock And The Institutional Embrace Of Bitcoin

BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more

Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business

Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more

Ethereum Lags Behind Bitcoin But Is Expected To Reach $14K, Boosting RCOF To New High

Ethereum struggles to keep up with Bitcoin, but experts predict a rise to $14K, driving RCOF to new highs with AI tools.... Read more

Ripple Mints Another $10.5M RLUSD, Launch This Month?

Ripple has made notable progress in the rollout of its stablecoin, RLUSD, with a recent minting of 10.5… Read more

Bitcoin Miner MARA Acquires Another $551M BTC, Whats Next?

Bitcoin mining firm Marathon Digital Holdings (MARA) has announced a significant milestone in its BTC acquisition strate... Read more