Crypto Biz: US elections crown Polymarket
This week’s Crypto Biz features Polymarket, BlackRock’s IBIT hitting $1B volume, Meta’s Llama joining the US military, Bitcoin miners posting production records in October and VanEck listing PYTH ETN.
Donald Trump may have won the race for the White House, but the crypto market has its own champion: Polymarket — a decentralized prediction market platform running on the Polygon blockchain.
Founded just four years ago, the platform has amassed over $3.2 billion in total bets tied to the United States election results, with $239.5 million placed on Election Day alone.
Behind Polymarket is 26-year-old Shayne Coplan, CEO and board member, according to Pitchbook. Some key election developments predicted by traders on Polymarket included President Joe Biden dropping out of the contest, among other geopolitical developments.
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Author: Ana Paula Pereira
