This development was announced in an August 29 X post by Michael McDonough, Bloomberg’s chief economist for financial products.
It also highlights the growing adoption of Web3 technologies by traditional financial institutions. Let’s discover more about this important news for Polymarket.
Bloomberg Embraces Web3 with Polymarket Integration
Polymarket, built on the Polygon network, allows users to create and place bets on various event outcomes. This leverages transparent on-chain data and smart contracts for transactions. This platform has become a leading source for real-time election odds, with August’s trading volume nearing $450 million, according to Dune Analytics. Total bets on the November 4 U.S. presidential election on Polymarket have approached $760 million.
Bloomberg’s integration will feature Polymarket’s odds for the U.S. presidential election alongside data from other prediction markets, such as PredictIt, and traditional polling services. As the world’s most popular institutional financial data platform, Bloomberg Terminal commands approximately one-third of the market share for financial data services, with around 350,000 global subscribers, as noted by Wall Street Prep.
Source: Bloomberg
More About Polymarket
Polymarket’s data provides insights into electoral odds, with recent figures showing Republican candidate Donald Trump holding a slight edge over Democrat Kamala Harris, with odds of 50% versus 48%, respectively. This reflects Polymarket’s role as a critical tool for tracking political trends and market sentiments.
The move to incorporate Polymarket’s blockchain-based prediction data highlights the broader trend of traditional financial institutions embracing Web3 technologies. Polymarket’s innovative approach to prediction markets exemplifies how decentralized platforms are increasingly influencing financial and political analysis.
Source: X
However, Polymarket faces competition from emerging platforms in the Web3 space. For instance, the Solana-based Drift Protocol’s BET platform surpassed Polymarket in daily trading volume for the first time on August 29. This competition indicates a rapidly evolving landscape for prediction markets and the growing importance of Web3 in the financial sector.
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