Robinhood challenges Polymarket with election-linked contracts for US presidential race
CryptoQuant 
Robinhood challenges Polymarket with election-linked contracts for US presidential trot Robinhood challenges Polymarket with election-linked contracts for US presidential trot
Robinhood eyes fresh user frightening with election-linked derivatives, as Polymarket faces scrutiny over wagering traits.
Gage Skidmore / CC BY-SA 2.0 / Flickr. Remixed by CryptoSlate
Robinhood is broadening its choices to attract extra users by introducing funding contracts linked to the consequences of the November US Presidential election, in line with an Oct. 28 enlighten.
Match-essentially essentially based mostly derivatives shopping and selling enables investors to make investments on specific occurrences, a lot like election outcomes or financial policy announcements, with out purchasing linked assets. In accordance to the firm, its contracts will permit folks to engage in proper-time decision-making and free up a fresh asset class that democratizes accumulate entry to to events as they unfold.
Robinhood talked about that its election-linked contracts will be open for shopping and selling till Nov. 8, with costs fluctuating between $0.02 and $0.ninety nine, pushed by market sentiment. As Election Day approaches, the value of the contract for the worthwhile candidate will upward thrust, paying out shut to $1.
The firm persisted that every trader’s worthwhile will likely be paid out on Jan. 8, 2025, after the presidential outcomes are certified by the US Congress on Jan. 6, 2025.
The product will be rolled out to a miniature replacement of US-essentially essentially based mostly customers starting this day.
Increased opponents for Polymarket
Robinhood’s entry into the election contract market brings added opponents to a region dominated by the decentralized betting marketplace Polymarket. Other platforms, a lot like BET on Solana and Trump Prediction Market Perpetuals on dYdX, offer election-linked tournament-essentially essentially based mostly choices, growing an increasingly competitive market.
Meanwhile, Polymarket has nowadays confronted added scrutiny over unproven considerations about market manipulation. Market observers have licensed a upward thrust in stout-scale wagers favoring the Republican candidate, Donald Trump. On the other hand, market participation is in overall hard to provably attribute to manipulation in region of pure free market mechanics.
CEO Shayne Coplan has addressed these allegations, defending Polymarket’s integrity and pushing apart considerations about manipulation, even supposing some market observers remain skeptical. He talked about:
“Polymarket is strictly non-partisan. We accumulate told we’re Dem operatives and MAGA, looking out on the day. Unfortunately the epic is a lot less juicy, we’re honest market nerds who deem prediction markets provide the public with a a lot wished replacement records offer.”
As of essentially the most contemporary records, Polymarket’s election final consequence market has considered approximately $2.5 billion in quantity. Recent odds counsel a 65% likelihood of worthwhile for Trump, while his opponent Kamala Harris holds a 35% odds.
Mentioned in this text
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's capability. He imparts insights on a fluctuate of matters esteem DeFi, hacks, mining and custom, underlining transformative energy.
Most up-to-date US Stories
In this text
Solana is a excessive-performance blockchain platform that utilizes a particular consensus algorithm known as “Proof of History” to operate speedy transaction speeds and low costs.
DYDX is a governance token that allows the dYdX community to if truth be told govern the dYdX Layer 2 Protocol.
Robinhood
Robinhood is an American monetary services company headquartered in Menlo Park, California that modified into once essentially based in April 2013 by Vladimir Tenev and Baiju Bhatt.
Polymarket
Polymarket is a decentralized prediction market platform that allows users to bet on world events using cryptocurrency.
A businessman, flesh presser, and media personality, Donald John Trump served because the forty fifth president of the usa from 2017 to 2021.
Kamala Devi Harris (born October 20, 1964) is an American flesh presser and attorney serving because the 49th Vice President of the usa.
Source credit : cryptoslate.com
