Here are some of the major developments in the world of crypto over the past few days.
Polymarket has partnered with MoonPay to expand hu payment options amid a surge in betting volume on the crypto prediction's platform due to speculation around the US presidential election, according to a 24 July announcement by MoonPay. It also stated that Polymarket users can now buy crypto with a PayPal account.
According to Dune Analytics, Polymarket saw an upward of $260 million in betting volume in July, more than double the platform’s previous record of $111 million in June. The remaining 3% reflects speculation that former First Lady Michelle Obama could potentially enter the presidential race and win.
Polymarket concluded a $70 million Series B fundraising round headed by Peter Thiel's Founder Fund including participation from Ethereum co-founder Vitalik Buterin. According to an Axios story dated July 16, Polymarket hired election analyst and statistician Nate Silver as an adviser.
As institutional interest in crypto surges with the launch of Bitcoin and Ether ETFs in the U.S., the debate intensifies over how decentralized finance (DeFi) will interact with traditional finance (TradFi). The executive argued that institutional involvement in crypto would boost long-term growth by adding legitimacy to the asset class and its technology especially reassuring older.
Toledano addressed the elephant in the room, noting that these enormous organizations can dominate the cryptocurrency industry by owning all or a majority of a digital asset's supply. However, he stated that such a program was improbable, as doing so would be a mistake because most people would not want to buy it.
According to the latest CoinShares weekly inflow report, dated July 22, digital asset investment vehicles saw $1.35 billion in inflows during the seven days, primarily driven by investors in the United States. On July 23, spot Ether ETFs launched on U.S. exchanges hitting over $1 billion in trading volume on the first day, highlighting strong institutional demand.
The European Investment Bank (EIB) has made an appeal for additional innovation finance in the European Union to strengthen the region's technological leadership, according to a new report. Therefore, closing the financing gap for these firms is seen as crucial for advancing technologies in green tech, artificial intelligence and quantum computing.
The EIB has emphasized this theme in the technologies since June 2021, when it published a similar paper titled Artificial Intelligence, Blockchain, and the Future of Europe. The EU has become a pioneer in AI legislation having begun to adopt regulations governing cryptocurrency and blockchain under the Markets in Crypto-Assets (MiCA) regulation.
EIB President Nadia Calviño emphasized the organization's willingness to push for a real union of capital markets which is essential for long-term economic growth and job creation. She brought up the point that, compared to Silicon Valley, European enterprises accumulate cash more slowly because venture capital investment in Europe lags behind the US.