Polymarket Betting to Get Expensive? CEO Shayne Coplan Considers Charging Commissions
Polymarket CEO Shayne Coplan has hinted at the potential introduction of commission fees to boost the company’s revenue.
In a recent interview with Forbes, Coplan said Polymarket is currently focused on expanding its marketplace and improving user experience.
However, he said that the company might explore different monetization strategies, including the addition of platform fees, to boost growth.
Launched in 2020, Polymarket operates as a decentralized prediction market platform where users bet on the outcomes of real-world events using cryptocurrencies.
Users engage in betting on various events, such as the results of the upcoming United States presidential election in November 2024.
The platform uses the USDC stablecoin, allowing participants to buy and sell shares in forecasts related to the likelihood of future events.
Additionally, Polymarket offers betting opportunities within the crypto industry, enabling users to predict future prices of cryptocurrencies like Bitcoin.
Polymarket has recently achieved record-breaking trading volumes.
As interest in the US election grows, the platform reached $1 billion in monthly trading volume for the first time, with $343 million recorded in July alone.
This marks a significant increase of over 200% from the $111 million in June and more than 440% compared to $63 million in May 2024.
Despite these impressive trading volumes, Polymarket has struggled with generating sufficient revenue, as highlighted in the Forbes report.
The platform has successfully raised $70 million across two funding rounds, including a $45 million Series B round with participation from Ethereum co-founder Vitalik Buterin.
Furthermore, in an effort to streamline the onboarding process, especially for non-crypto users,
Read more on cryptonews.com
