The cryptocurrency wallet MetaMask will collaborate with Polymarket later this year to expand its prediction market offerings, aiming to enter this thriving sector that has caught Wall Street's attention.
With the integration of the MetaMask wallet, Polymarket will be directly accessible, allowing users to buy and sell "shares" to bet on real-world events ranging from elections and sports to corporate earnings results.
Gal Eldar, MetaMask's global product lead, told Cointelegraph that this partnership is part of the company's goal to evolve from a cryptocurrency wallet into a global democratized financial portal.
"Every new feature expands the ways users can utilize their financial assets: trading, earning, investing, speculating, and diversifying, all while maintaining complete self-custody," he said.
The prediction markets built on MetaMask are being launched outside the United States, the United Kingdom, France, Singapore, Poland, Thailand, Australia, Belgium, Taiwan, and Ontario, Canada.
Prediction markets have become one of the hottest use cases for cryptocurrency, with adoption accelerating significantly during the U.S. elections in November 2024.
Wall Street is also paying attention, as Polymarket secured a $2 billion investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, bringing the platform's valuation to $9 billion.
The trading volume of prediction markets has pulled back from its peak, but the two major prediction market platforms, Polymarket and Kalshi, achieved trading volumes of $14.3 billion and $27.4 billion in September, respectively, surpassing last November's historical highs, according to DefiLlama data.
Despite the volume pullback, Eldar stated that prediction markets remain one of the most powerful on-chain primitives, as they are "essentially about seeking the truth."
Meanwhile, MetaMask also launched perpetual futures on Wednesday through its integration with Hyperliquid, aiming to capture market share from centralized exchanges and enter the booming perpetual contract market.
Decentralized perpetual contract trading volume has recently surged, accumulating about $770 billion over the past month, with Hyperliquid leading the way.
However, these numbers still cannot compare to centralized exchanges like Binance, partly because the latter offers a streamlined user experience.
MetaMask hopes that its new feature improvements will provide users with a more centralized exchange-like experience while benefiting from the security advantages offered by decentralized platforms.
Related: Solana ETF competition heats up: Bitwise makes a serious move with a 0.20% ultra-low fee
Original article: “MetaMask to Allow Users to Engage in Political and Sports Betting via Polymarket”
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