Kalshi Goes Head to Head With Polymarket Following $1B Funding: Report – Crypto News – Crypto News
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Kalshi Goes Head to Head With Polymarket Following $1B Funding: Report Kalshi Goes Head to Head With Polymarket Following $1B Funding: Report

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Kalshi Goes Head to Head With Polymarket Following $1B Funding: Report – Crypto News

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6 months ago

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The prediction market’s reported raise was at a valuation of $11 billion, just days after reports that Polymarket is looking to raise funds at $12 billion.

Kalshi, a U.S.-based prediction marketplace, has raised $1 billion in a funding round led by existing backers Sequoia and CapitalG, according to TechCrunch, citing sources familiar with the deal.

The round, which saw participation from Andreessen Horowitz, Paradigm, Anthos Capital, and Neo, puts Kalshi’s valuation at about $11 billion, narrowing the gap with leading on-chain prediction market Polymarket, which is reportedly seeking new funds at a $12 billion valuation.

A Kalshi spokesperson declined to comment on the report when contacted by The Defiant.

Kalshi’s reported funding comes just about one month after it raised $300 million at a $5 billion valuation.

Prediction Market Season

It also landed as October marked the prediction market sector’s strongest month yet, with Kalshi and Polymarket processing a combined $7.4 billion in volume, The Defiant reported earlier.

In October, Kalshi processed $4.4 billion, while Polymarket had $3 billion, setting all-time highs for both platforms.

Meanwhile, prediction markets continue to pick up momentum with new integrations and partnerships, with Google Finance recently announcing that users will soon see live market data from Polymarket and Kalshi.

Unlike Polymarket, which is preparing for its U.S. return and operates fully on-chain, Kalshi is off-chain, though it’s moving to integrate on-chain components through a partnership with RedStone, an oracle data provider.

Kalshi received approval from the Commodity Futures Trading Commission to operate as a prediction market in the U.S. back in 2020, but the firm had no explicit crypto ambitions at the time. Kalshi began accepting crypto for deposits last year, and revealed its crypto push in earnest this summer.

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