As the U.S. presidential election heats up, cryptocurrency-based prediction market platform Polymarket has made a strategic move by bringing on board renowned statistician and writer Nate Silver as an adviser, as reported by Axios.
Silver, known for his accurate forecasts on U.S. elections, previously ran the popular FiveThirtyEight service before moving on. His addition to Polymarket’s team comes at a crucial time, with $265 million already wagered on the election. The platform’s current prediction market gives incumbent Donald Trump a 70% chance of clinching victory.
With Silver’s expertise, Polymarket users can anticipate a wider selection of prediction markets covering a variety of news events. In addition to elections, Silver also delves into sports analytics, particularly baseball and basketball.
Established in 2020, Polymarket has secured $70 million in funding from investors like Peter Thiel’s Founders Fund and Ethereum creator Vitalik Buterin. The platform’s Vice President, David Rosenberg, mentioned to Axios that they plan to introduce transaction fees in the future for activities on the platform.
Throughout this year, Polymarket has processed over $400 million in bets through its diverse markets, which span politics, pop culture, sports, and science.
By leveraging Silver’s insights and expanding their prediction offerings, Polymarket aims to enhance user engagement and solidify its position as a leading platform for predictive markets.