Kalshi Hits $2 Billion Valuation in Paradigm-Led Deal (1)

Kalshi Inc., a prediction market that competes with Polymarket, said it has raised $185 million at a valuation of $2 billion. Paradigm, a venture capital firm focused on cryptocurrency investments, is leading the deal.

Kalshi is similar to Polymarket, which also is completing an investmentat a valuation of more than $1 billion. While Kalshi is federally regulated and cleared to operate in the US, Polymarket is not registered with the Commodity Futures Trading Commission and its service is banned for Americans.

Users can bet on a range of future events on Kalshi, such as whether National ...