Polymarket founder and CEO Shane Coplan denied approval The New York Times reported that the prediction platform is backed by Democrats, is therefore politically biased, and is nothing more than a “crypto gambling site.”
Polymarket is not political. The platform was never intended to be a political site, and it still isn’t. Since launching, our goal has been to use the power of the free market to bring greater clarity and transparency to the most important real-world events that matter to everyone, Koplan said.
He also denied rumors that entrepreneur Peter Thiel and his Founders Fund have influence over the platform. Koplan confirmed that Founders Fund has invested $45 million in the company, but clarified that neither Thiel nor his fund are major shareholders.
The advantage of Polymarket is that it is a peer-to-peer and transparent system. Even more transparent than traditional finance, where all the data is hidden and only available to the operator. So everyone can track all our transactions, which is good for free markets. This is a feature, not a disadvantage, Kolpan said.
Polymarket has become one of the most successful crypto forecasting platforms this year, exceeding $1 billion in betting volume in September. The company’s largest market is betting on the outcome of the US presidential election, which has already reached more than $2,3 billion.
Currently, Polymarket players are more confident in Donald Trump's victory over Kamala Harris. The probability that the Republican candidate will become the next US president is 64,1%, while the chances of the current vice president are estimated at 35,9%.
