Bloomberg to onboard Polymarket election data

Polymarket has reached a new milestone with Bloomberg’s move into the Polygon-powered prediction marketplace.

Global financial software and media company Bloomberg has decided to integrate Polymarket data into its election terminal, according to the company’s Chief Financial Products Economist Michael McDonough.

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

Created by Shayne Coplan in 2020, Polymarket’s popularity has reached all-time highs this year, with investors placing bets totaling $100 million in June, pushing the platform’s volume to over $360 million by 2024.

According to Crypto.news , US election results dominated the lion’s share of Polymarket’s volume. In fact, 88% of all bets on the prediction venue were election-related this year. Users have wagered more than $750 million on the “Presidential Election Winner 2024” betting pool so far, the largest prediction result on the platform.

However, volume increases due to events such as the approval of the Bitcoin (BTC) exchange-traded fund in January and the Paris Olympics in August also stimulated significant trading activity.

Bloomberg’s inclusion of Polymarket data could be seen as an endorsement from a traditional giant to an emerging web3 service provider. ETF Store President Nate Geraci said the news reaffirms the usefulness of blockchain for investors and market watchers.

The move could help the crypto platform become a hub for international user-focused views at a time when some are skeptical about its sustainable post-election volume.