Crypto-based platform to Wager on US Prez poll

economictimes.indiatimes.com:

Polymarket will soon have a new crypto-based competitor for placing bets on the US presidential poll.

The trading firm Wintermute Trading, which offers liquidity for digital assets by buying and selling them in the crypto market, is collaborating with crypto risk manager Chaos Labs to launch a betting market next week that will focus on the outcome of the contest.

Many crypto exchanges that work with Wintermute have expressed interest in handling bets on the outcome, Gaevoy said, especially with Polymarket racking up almost $1 billion in wagers so far on the US election. Wintermute is developing the decentralized-finance software code, or so-called smart contracts, that allow anyone to interact directly instead of through intermediaries.

“When we were thinking about the design of the smart contract, we thought how we can make it as decentralized as possible so just that everyone can use it,” Gaevoy said in an interview.

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The market will be available on multiple blockchains including Ethereum and Base, which was initially