Press Release

Zeitgeist Closes $1.5M Seed Round to Build Prediction Markets on Kusama and Polkadot

[Press Release – Berlin, Germany, 25th March, 2021, // ChainWire // ]
Zeitgeist, the company developing a prediction market platform launching exclusively on the Kusama network, announced the completion of a $1.5M seed round. Included in the round were D1 Ventures, Genblock Capital, AU21 Capital, Digital Renaissance, A195 Capital, Four Seasons Ventures, Brilliance Ventures, BlockSync Ventures, co-founders of Acala, and an individual from Web3 Foundation. The funding will be used to accelerate the development of the Zeitgeist network, a hub and ecosystem for Web3 prediction markets.
“Prediction markets are powerful mechanisms for aggregating information and improving decision making, and Zeitgeist puts that power into the hands of more people to drive mainstream adoption,” says Logan Saether, Zeitgeist’s Founder and CEO. “We have an experienced team who understands how to deliver on the promise of prediction markets, and we’re thrilled to have such an amazing group of investors backing Zeitgeist.”

Along with the core function of prediction markets, Zeitgeist is also innovating in the realm of on-chain governance. Specifically, Zeitgeist will implement a form of governance based on prediction markets called futarchy. Futarchy uses the signals gained from the data aggregation property of prediction markets to make better decisions over the evolution of the network.
“The concept of Futarchy goes hand in hand with the ethos and on-chain governance capabilities of the Kusama ecosystem,” said Tamara Frankel, founding partner of D1 Ventures. “I’m an avid user of prediction markets on Ethereum, and it’s exciting to imagine the possibilities within the Kusama and …
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