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Polymarket Hires Nate Silver as Adviser for U.S. Presidential Election
Polymarket, a prediction market platform, has appointed Nate Silver as an adviser for the upcoming U.S. Presidential Election, leveraging his expertise in data analysis and forecasting.
Polymarket Hires Nate Silver as Adviser Ahead of U.S. Presidential Election
As the U.S. presidential election approaches its climax, crypto-based prediction market platform Polymarket has made a strategic move by bringing on board well-known statistician and writer Nate Silver as an adviser, as reported by Axios.
Background: Nate Silver, renowned for his election forecasts through the FiveThirtyEight service which he previously owned, has a rich history of providing insights into U.S. elections. Polymarket, experiencing significant activity in this year’s presidential race with $265 million already in bets, has identified Silver as a valuable addition to their team.
Current Odds: Polymarket’s prediction market currently favors Donald Trump with a 70% chance of winning the election, reflecting the sentiments of bettors on the platform.
Future Markets: With Silver on board, Polymarket plans to introduce a wider variety of prediction markets based on news events beyond elections. Silver’s expertise extends to analyzing sports such as baseball and basketball, promising diversified options for users.
Company Information: Established in 2020, Polymarket has secured $70 million in funding from investors including Peter Thiel’s Founders Fund and Vitalik Buterin, the creator of Ethereum. The platform has seen substantial growth, attracting over $400 million in bets across various market categories like politics, pop culture, sports, and science.
Upcoming Changes: Polymarket Vice President David Rosenberg mentioned to Axios that the platform intends to implement transaction fees in the future, indicating a shift towards monetization as the business expands.