Polymarket Hires Nate Silver After Taking in $265M of Bets on U.S. Election: Report

As a seasoned analyst with a background in statistics and data analysis, I find the recent move by crypto-based prediction market platform Polymarket to hire Nate Silver as an adviser an intriguing development. Having closely followed Silver’s work for years, particularly his election forecasts through FiveThirtyEight, I am confident that his expertise will add significant value to Polymarket and its users.

With the U.S. presidential election nearing its end, cryptocurrency-driven prediction market platform Polymarket has seized the moment by bringing on board renowned statistician and journalist Nate Silver in an advisory role, as per an Axios article.

As an analyst, I have been following U.S. elections for years, initially through my FiveThirtyEight service which I later sold and no longer work for. Now, Polymarket, a prediction market platform, has witnessed substantial activity in this year’s presidential race, with over $265 million already wagered. According to their data, Donald Trump is currently the clear favorite, holding approximately 70% chances of winning the vote.

Users will have access to a varied selection of prediction markets regarding news events with the addition of Silver to their platform. Besides elections, Silver specializes in analyzing sports events such as baseball and basketball.

Established in the year 2020, Polymarket has managed to secure a total investment of $70 million from various investors. Notable among these investors are Peter Thiel’s Founders Fund – an early backer of CoinDesk’s holding company Bullish – and Ethereum‘s creator Vitalik Buterin.

As a crypto investor using Polymarket’s platform, I understand that Vice President David Rosenberg of the company has shared with Axios their plans to introduce transaction fees in the future.

As a crypto investor engaged with Polymarket, I can share that an impressive amount of over $400 million worth of wagers have been placed this year across their platforms focusing on politics, pop culture, sports, and science.