Polymarket partners with MoonPay on bank, credit card funding  

MoonPay’s integration with Polymarket allows bettors to deposit funds from non-cryptocurrency merchants.

Polymarket, a popular cryptocurrency betting site, is upgrading its platform to meet the increased betting demands due to the recent online interest and the turbulent US presidential election.

Polymarket, which has partnered with Miami-based MoonPay, will soon allow users to pay for bets with bank transfers and credit cards, simplifying the process of purchasing stablecoin USDC from cryptocurrency exchanges.

BREAKING: Moonpay partners with Polymarket to enable credit card payments for leading prediction marketplace

This partnership will allow for direct bank transfers as well as the use of additional crypto assets beyond USDC. pic.twitter.com/SHXmo40mui

— TylerD 🧙‍♂️ (@Tyler_Did_It) July 24, 2024

Before the MoonPay integration, bettors had to purchase USDC from a crypto exchange and transfer it to Polymarket. This purchase and transfer would incur fees.

Bloomberg was the first to announce this integration.

The growing popularity of Polymarket

Polymarket isn’t available in the U.S., but it’s growing rapidly even as the U.S. Commodity Futures Trading Commission considers a ban on event contracts. The company previously faced a CFTC fine in 2022 for illegal trading services and agreed to cease U.S. operations while continuing overseas.

Polymarket is more transparent due to its use of smart contracts and blockchain technology, thus providing its users with more information about stock price calculations compared to traditional betting platforms.

Polymarket raised $70 million in its latest round led by Founders Fund.

The election, which featured unprecedented events such as the attempted assassination of candidate Donald Trump and the withdrawal of incumbent President Joe Biden from the race, led to record betting volume.

The site is seeing a lot of interest in betting on the November election, where Trump will face Vice President Kamala Harris.