The crypto platform Polymarket has partnered with MoonPay, a Miami-based software company, to facilitate transactions using bank transfers and credit cards. This move is aimed at boosting user engagement, particularly as the platform sees heightened activity due to the turbulent US presidential elections. High betting volumes, driven by election-related surprises, have prompted Polymarket to upgrade its infrastructure.
Why the Sudden Surge?
Polymarket experienced unprecedented betting volumes due to the volatile US presidential elections. An assassination attempt on Donald Trump and Joe Biden’s withdrawal from the race led to record levels of betting. Blockchain data platform Dune Analytics reported that in July alone, Polymarket saw $260 million in bets, constituting over a third of its annual volume.
David Rosenberg, Polymarket’s Vice President of Strategy, highlighted the election’s volatility as a significant factor for the platform’s user base growth. To date, $366 million has been wagered on the November elections, with Trump now favored to win following Biden’s campaign suspension and Trump’s successful rallies.
How Will MoonPay Aid Polymarket?
By integrating MoonPay’s software, Polymarket aims to streamline large betting transactions, allowing users to place bets using conventional financial tools like bank transfers and credit cards. This partnership seeks to enhance user experience by eliminating the need for purchasing and transferring stablecoin USDC from a crypto exchange.
Rosenberg stressed the importance of making the platform accessible to everyone, even those not deeply involved in crypto. The collaboration with MoonPay will also permit various crypto assets for betting, thus broadening the platform’s audience.
User Insights
Key Takeaways for Users:
- Polymarket users can now bet using traditional financial methods, making the process easier.
- The platform’s collaboration with MoonPay aims to simplify user transactions and reduce reliance on stablecoins.
- Enhanced accessibility could attract a broader audience, including those less familiar with cryptocurrencies.
Earlier this month, Ethereum co-founder Vitalik Buterin suggested specific Ethereum Improvement Proposals (EIPs) to improve Polymarket’s deposit methods. He emphasized that these changes could be implemented without relying on further technological advancements, addressing current user experience issues.