Bloomberg will add Polymarket’s election odds to its Terminal service, according to an August 29 update from Michael McDonough, Bloomberg’s chief economist.
This move underscores the rising role of prediction markets and Web3 technologies in traditional finance.
Polymarket, built on the Polygon blockchain, allows bets on various events and has seen August trading volumes near $450 million. Bloomberg’s Terminal will now feature Polymarket’s odds for the US presidential election, alongside other data sources like PredictIt.
Currently, nearly $760 million has been bet on the November 4 election, with Polymarket showing Donald Trump slightly ahead of Kamala Harris.
The platform faces competition from Drift Protocol’s BET platform, which recently surpassed Polymarket in daily trading volume. In August, Polymarket users accurately predicted that Robert F. Kennedy Jr. would exit the presidential race before September 2024.
BNY Mellon, the largest custodian bank in the U.S., has reportedly secured an exemption from the SEC’s Accounting Bulletin 121 for its institutional crypto custody operations.
Charles Hoskinson, co-founder of Cardano and Ethereum, has raised concerns about how former President Donald Trump and Vice President Kamala Harris approach cryptocurrency policy.
The Bank of Canada has announced that it is winding down its efforts on retail central bank digital currency (CBDC), as per an update on its website.
Circle is preparing for its initial public offering (IPO) and is set to relocate its headquarters to Wall Street in 2025, according to CEO Jeremy Allaire.