Zeitgeist, an evolving blockchain ecosystem that is built for prediction markets and futarchy, has raised $1.5 million from private investors to further venture into the prediction market. According to the startup, the raised capital will also be used to accelerate the development of Zeitgeist protocol, and an ecosystem of the Web3 prediction market.
Some of the notable investors who participated in the seed round include D1 Ventures, AU21 Capital, Four Seasons Ventures, BlockSync Ventures, Digital Renaissance, Genblock Capital, A195 Capital, and Brilliance Ventures. Additionally, Zeitgeist received capital from individual investors including Acala co-founders and an individual from Web3 Foundation.
Zeitgeist is an ecosystem that uses ZTG token as the native currency, besides playing the governance role. Notably, Zeitgeist protocol is built on its layer-1 blockchain thus capable of supporting huge network traffic.
The Zeitgeist protocol has several use cases that await to be ventured with the help of the raised capital. One, Zeitgeist protocol can be used in sports and esports, whereby sites can allow fans to trade positions in real-time. Zeitgeist protocol can also be used in the political arena to predict races. Besides, it can also be applied in the cryptocurrency market to predict future prices at a given time.
According to the company’s roadmap, the developers anticipate launching the battery pack testnet by the end of the 2021 first quarter. As for the second quarter, the developers anticipate implementing core logic and further launch the frontend. Later in the third quarter, the developers expect to launch the Zeitgeist network. During the fourth quarter, Zeitgeist expects to launch Zeitgeist Futarchy DAO and also liquidity mining programs.
In a statement, through the press release, Logan Saether Zeitgeist Founder and CEO noted that the capital will go a long way in developing the prediction market that is yet to be fully ventured.
“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. 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,” Saether explained.
Bilal Junaid, Founder of Genblock Capital said the firm has previously invested in the prediction market and is thrilled to participate in the Zeitgeist protocol. “Zeitgeist aims to be the leader in this space in the Kusama and Polkadot ecosystem, and we are excited to back this talented team to build out this vision,” Junaid noted.