Polymarket to provide AI news summaries with Perplexity AI partnership

Perplexity AI, the AI-powered search engine, is teaming up with prediction market Polymarket. 

Perplexity will provide “Perplexity Pages” and event summaries, according to a post from Perplexity CEO Aravind Srinivas. 

Users will be able to access “news summaries paired with real-time probability predictions, such as election outcomes, market trends and beyond,” the AI firm said in a post. 

TechCrunch first reported the news. 

The partnership is just the latest move from Polymarket, which has managed to take crypto’s main stage as folks from across crypto and beyond look to the prediction market to understand the overall sentiment. 

Read more: Biden debate performance shakes up Polymarket odds

The upcoming November election has been a hot topic on Polymarket, with roughly $576 million on the line for those able to participate. US residents are able to view the markets, but not able to place bets. 

Kamala Harris, the Democratic candidate and current vice president, is forecasted to win the election. Bettors flipped Harris and former President Donald Trump over the weekend. Fifty-one percent of the bettors believe that Harris will best Trump come November. Trump’s odds stand at 49% currently. 

The prediction market has various markets — including other political markets. For example, there was a market for President Joe Biden to drop out of the presidential race. Biden, who was the initial Democratic candidate, announced that he was pausing his campaign last month. 

The prediction market announced earlier this year that it raised $70 million across two raises. 

Polymarket’s popularity comes as the Commodity Futures Trading Commission mulls a proposed rule change that could, according to some in the industry, harm the further development and growth of Polymarket and other prediction markets. 

Read more: CFTC’s Behnam warns crypto industry that more enforcement actions are coming

Coinbase, Crypto.com and Gemini have all written letters to the CFTC urging the regulator to rethink the proposed rule. 

“Event markets are a promising area of our future economy, and that is why we are responding today to the CFTC’s notice of proposed rulemaking. We fully support the CFTC’s mission to uphold the integrity of the US derivatives market and believe they can provide a robust regulatory framework for this emerging class of contracts,” Coinbase chief legal officer Paul Grewal wrote in a post on X. 

Lawmakers, including crypto critic Elizabeth Warren, believe that such a rule is necessary. 

“The last thing that voters heading to the polls need are bets waged on the outcome of that election. Voters need action, as proposed by the CFTC in this rule, to restore trust. Elections are not a for-profit enterprise. Without this rule, voters will wonder if their vote mattered, and whether the outcome of the election was influenced by big money bets,” lawmakers wrote earlier this month.

Back in 2022, Polymarket agreed to pay a $1.4 million penalty to the CFTC after allegedly failing to obtain a designation as a contract market.

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