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Home” Markets” Robinhood debuts governmental election wagering, stock climbs up 4%
by
Vivian Nguyen
Oct. 28, 2024
The brand-new service enables trading on governmental election results.
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Robinhood Markets (HOOD) saw its stock rate boost by practically 4% to $28 after the United States market opened on Monday, according to Yahoo Finance information. The increase followed the business’ s statement of its brand-new political forecast market, which permits trading on the result of the upcoming United States governmental election.
The launch comes simply 8 days before the election, allowing users to trade agreements for prospects Kamala Harris and Donald Trump through its Robinhood Derivatives system in collaboration with Interactive Brokers’ ForecastEx.
Offered to a choose group of consumers, candidates need to satisfy particular requirements, consisting of United States citizenship, to take part. The brand-new offering follows Robinhood’ s current growth into 24/5 trading and upcoming futures trading as part of its dedication to supplying real-time market gain access to.
Forecast markets saw a remarkable boost in the 3rd quarter of this year, with around 565% increase in wagering volume, amounting to $3.1 billion, according to a current report from CoinGecko. The rise was primarily driven by the extremely expected United States governmental election, especially the effect on crypto guidelines following the essential occasion.
Polymarket, a leading decentralized platform, controlled with over 99% market share, with $1.7 billion bet on the “ United States Presidential Election Winner,” representing about 46% of its yearly volume.
Since October 27, Polymarket’ s overall worth locked stood at $302 million, up nearly 140% over the last month, according to information from DefiLlama.
Apart from Robinhood, Wintermute is another entity that intends to take advantage of the growing interest in forecast markets. Wintermute stated last month it prepared to introduce a brand-new forecast market called “ OutcomeMarket, which likewise concentrates on the upcoming United States governmental election.
As kept in mind, OutcomeMarket will be a multi-chain platform that permits users to trade agreements based upon the election results for prospects Donald Trump and Kamala Harris. The platform is anticipated to present 2 tokens, TRUMP and HARRIS, which can be traded on dApps along with central exchanges.
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