Bloomberg Terminal users will soon have access to Polymarket data, which will allow them to see real-time betting odds for the upcoming U.S. presidential election.
Bloomberg integrates Polymarket data
Bloomberg’s chief economist, Michael McDonough announced that Polymarket’s data is being integrated into Bloomberg’s Terminal service.
We are in the process of adding @Polymarket data to WSL ELECTION<Go>! pic.twitter.com/aNM087bcwS
— Michael McDonough (@M_McDonough) August 29, 2024
Once this process is completed, users will be able to access Polymarket’s real-time U.S. election odds.
With around 350,000 global subscribers, Bloomberg is a big player in the financial data services market, and Polymarket operates on the Ethereum-based Polygon network, as decentralized prediction market.
„We are in the process of adding Polymarket data to WSL Election.”
Big league
Polymarket gained popularity due to the approaching U.S. elections, with bettors actively wagering on the November outcomes, and there are reports about Polymarket’s success, with data showing almost $450 million in trading volume in August and over 60,000 active traders that month alone.
Notably @DriftProtocol prediction markets surpassed @Polymarket in 24hr volume. Newer prediction market participant but as traction grows should also be incorporated.
— DeFiConnoisseur (@DeFiConnoisseur) August 30, 2024
Polymarket also partnered with AI firm Perplexity to improve user experience through advanced news summarization features.
But the sky isn’t cloudless above the company, as Polymarket faces pretty significant challenges, particularly from competitors like Drift Protocol, a rival prediction market on the Solana blockchain.
Solana Floor reported that activity on Drift Protocol’s BET platform surged by more, than 3,000%, pushing its cumulative volume to over $23 million as of August 29.
This competition is putting strong pressure on Polymarket as it continues to expand.
There is free market, or permissioned market?
Unfortunately, not the market battle is the only one where Polymarket have to stand its ground, but it is under scrutiny from the U.S. Commodities and Exchange Commission, the CFTC.
The bureaucrats raised concerns about the risks associated with event contracts like those offered by Polymarket, particularly those tied to political events, which they believe could lead to issues related to election betting.
This sparked a debate even within the crypto community, with several industry leaders, including executives from Gemini and Coinbase, challenging the CFTC’s position.
We urge the CFTC to withdraw this proposal and work alongside academic, industry, and policy stakeholders to develop a more balanced approach that promotes innovation while protecting the public interest. As always, we appreciate the CFTC’s consideration of our response and look…
— paulgrewal.eth (@iampaulgrewal) August 9, 2024
Coinbase’s Paul Grewal called for the CFTC to reconsider its stance. Ethereum co-founder Vitalik Buterin also weighed in, describing prediction markets as valuable tools that offer insights into future events, countering the CFTC’s concerns.
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