Polymarket founder and CEO Shayne Coplan called his cryptocurrency-based prediction platform “the most accurate thing” in mankind during an interview that aired Sunday.
Polymarket A Source Of Useful Information, Says Coplan
Speaking with CBS News, Coplan emphasized that the Polygon (CRYPTO: POL)-based platform’s function is to answer questions that people are interested in, rather than to act as a “poll” where people tell who they voted for.
“The percentage of people who are going to vote for a candidate is not the same as who’s likely to win. But it’s the question people actually want to know,” Coplan said, alluding to the marquee presidential race contract between Donald Trump and Kamala Harris last year that saw over $3 billion wagered on the outcome.
He further elaborated that Polymarket users stand to gain or lose money based on the accuracy of their predictions, which in turn generates “useful” information. He argued that the platform offers something superior to the unregulated information found on the internet.
“Ultimately, it’s going to get you something that’s better than whatever you’re seeing on the internet, where it’s just a complete free-for-all of open outcry,” the 27-year-old entrepreneur said.
“Polymarket is the most accurate thing we have as mankind right now, until someone else creates some sort of super crystal ball,” he claimed.
The Criticism
Addressing the possibility of insider trading, Coplan acknowledged the “inevitability” of people seeking an edge in the market. He stressed the importance of clear and stringent guidelines to maintain ethical standards on the platform.
Coplan was also challenged about the controversy around having Los Angeles wildfires contracts, to which he admitted was a “sensitive” topic.
Polymarket Takes Strides
Coplan announced last month that Polymarket received approval from the Commodity Futures Trading Commission for intermediated trading in the U.S., marking a key milestone as it prepares to reenter the U.S. market.
Earlier in October, Polymarket secured a $2 billion investment from New York Stock Exchange owner Intercontinental Exchange Inc. (NYSE:ICE). The startup is reportedly in early discussions with investors to raise additional funding at a valuation of $12–15 billion.
Read Next:
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: PJ McDonnell on Shutterstock.com
