Polymarket founder hints at potential fees in the future

The CEO of Polymarket, a major cryptocurrency-enabled prediction platform, doesn’t rule out the possibility of charging commissions to scale its revenues in the future.

Polymarket is currently focused on expanding its marketplace and enhancing the user experience, but according to founder and CEO Shayne Coplan, the company may explore monetization strategies in the future.

One of such methods could potentially be adding fees to the platform, Coplan hinted, according to a Forbes report published on July 31.

Cointelegraph approached Polymarket for a comment regarding potential fee additions but did not receive a response at the time of publication.

Polymarket allows bets on real-world events as well as crypto prices

Launched in 2020, Polymarket is a decentralized prediction market platform where users can bet on real-world event outcomes using cryptocurrencies.

For example, Polymarket allows one to bet on events like the results of the upcoming United States presidential election in November 2024. Users buy and sell shares in the forecast using the USDC (USDC) stablecoin to bet on the likelihood of future events.

Additionally, Polymarket also features betting on events in the crypto industry, enabling users to predict whether cryptocurrencies like Bitcoin (BTC) will reach a specific price in the future.

Polymarket breaks record monthly trading volume in July

As interest in the US election grows, Polymarket has set new records over the past few months.

Last month, Polymarket’s trading volumes reached $1 billion for the first time, with $343 million in betting volumes coming in July alone.

The Polymarket platform has experienced significant growth, with its monthly trading volumes increasing by over 200% in July compared to $111 million in June, and by more than 440% compared to $63 million in May 2024.

Despite breaking record trading volumes in 2024, Polymarket has reportedly faced a lack of revenues, the Forbes report mentioned.

Polymarket has raised $70 million across two funding rounds, including a $45 million Series B round in which Ethereum co-founder Vitalik Buterin participated.