Polymarket, a leading crypto-based prediction market platform, has strategically bolstered its advisory team by hiring renowned statistician and writer Nate Silver.
For years, Silver has been known for his U.S. election forecasts, initially through his FiveThirtyEight service, which he has since sold and no longer works with. Polymarket has capitalized on the current presidential race, with $265 million already wagered on the outcome. Their prediction market currently indicates Donald Trump as the clear frontrunner, with a 70% probability of winning the election.
With Silver on board, users may anticipate a wide variety of news-event-based prediction markets. Silver covers baseball and basketball in addition to elections.
Since its founding in 2020, Polymarket has raised a total of $70 million from investors, including Ethereum developer Vitalik Buterin and Peter Thiel’s Founders Fund, which was a pioneering backer of CoinDesk’s parent firm Bullish.
Vice President David Rosenberg of Polymarket said to Axios that fees would ultimately be imposed for transactions conducted on the site. More than $400 million in wagers have been placed on Polymarket’s markets this year, which encompass pop culture, sports, politics, and science.
With Silver joining the team, Polymarket’s products should have more analytical depth, which should draw in more users interested in data-driven forecasts in a variety of fields.
Also Read: Trump Bets Drive Polymarket to Record $116 Million in July
