Polymarket

Polymarket is a decentralized prediction market platform that enables users to bet on world events using cryptocurrency. The platform facilitates the buying and selling of shares based on the likelihood of future events occurring.

History

Polymarket was founded by Shayne Coplan in 2020 to provide an online prediction market for trading on world event outcomes. In January 2022, Polymarket was fined $1.4 million by the Commodity Futures Trading Commission (CFTC) for regulatory violations, including failing to register as a Swap Execution Facility. Subsequently, the platform received a cease and desist order.

Key Developments

In May 2022, Polymarket appointed J. Christopher Giancarlo, a former CFTC Commissioner, as chairman of its advisory board. In June 2023, interest in Polymarket surged after a tweet about the outcome of the Titan submersible went viral, highlighting the platform’s various markets, including geopolitical events and corporate actions.

Market Offerings

As of June 2023, Polymarket featured over 60 markets, such as the Guatemalan presidential election, potential legal actions between Twitter and Meta, and the likelihood of Russia using nuclear force. These markets reflect the diverse range of global events on which users can trade.