Polymarket CEO Shayne Coplan has dismissed allegations from a recent article that suggested the prediction platform exhibits political bias.
In his response, Coplan characterized the Polygon-based betting service as a neutral source of alternative data, benefiting from the current election-related excitement. He refuted claims labeling Polymarket as a mere “crypto-powered gambling” site, emphasizing its independence from partisan manipulation.
Furthermore, Coplan addressed rumors regarding influential figures like Peter Thiel and his Founders Fund, which invested $45 million in the company. He clarified that neither Thiel nor the Founders Fund hold significant control over Polymarket’s operations.
According to Coplan, Polymarket functions as a free market where users are responsible for setting prices and determining odds. The decentralized technology underlying the platform permits third parties to only observe trading data without influencing outcomes.
“The beauty of Polymarket is it’s all peer-to-peer and transparent. Even more transparent than traditional finance, where all the data is obfuscated,” Coplan stated, reiterating that the platform offers a clear audit trail for all its transactions.
Polymarket has emerged as a notable player in the crypto landscape this year, boasting over $1 billion in betting volume for September alone. The platform’s focus on the U.S. presidential election saw over $2.3 billion in market volume just days ahead of the election, with Donald Trump leading Kamala Harris with a 64.1% probability of winning compared to Harris’ 35.9%.
Amid ongoing discussions about the platform’s operations, recent data also revealed that while Polymarket has handled billions in bets, it has only generated less than $30,000 in transaction fees on the Polygon blockchain this year.
