Targeting Polymarket! Paradigm leads a $185 million investment in Kalshi, with a valuation looking at $2 billion.

From political elections, economic trends to the alien topic, the prediction market is rapidly emerging as a new hotspot in the encryption field. The US compliance platform Kalshi and the decentralization representative Polymarket have recently completed financing of $185 million and $200 million, successfully attracting the attention of well-known institutions such as Paradigm, Founders Fund, and Sequoia Capital.

Prediction market heat is rising: Kalshi C round financing valuation reaches 2 billion USD.

The prediction market platform Kalshi announced yesterday that it has completed a $185 million funding round, with a valuation of up to $2 billion, led by the well-known encryption venture capital firm Paradigm, with participation from notable institutions such as Sequoia Capital (, Multicoin Capital, and others.

I’m excited to announce our $185M Series C valuing Kalshi at $2B.

這輪融資由Paradigm主導，參與者包括Sequoia、Multicoin、Peng Zhao、Neo和Bond Capital。

People choose to work at Kalshi not because of the money we’ve raised, but because of our ambition:… pic.twitter.com/OGgZSwOPvj

— Tarek Mansour )@mansourtarek_( June 25, 2025

However, just a few days ago, competitor Polymarket announced the completion of a new round of financing amounting to 200 million dollars, with a valuation reaching 1 billion dollars, led by Silicon Valley legend investor Peter Thiel's Founders Fund. These two waves of investment not only demonstrate investors' strong interest in prediction markets but also herald the transition of such platforms from niche gambling to the mainstream capital market.

)Peter Thiel's fund leads investment, Polymarket's valuation reaches one billion dollars(

Kalshi CEO Tarek Mansour stated: "This round of funding will be used to expand the technical team and enhance the trading experience. We have already completed the brokerage data integration with mainstream brokerages such as Robinhood and Webull."

Matt Huang, the founder of Paradigm, emphasized: "The prediction market reminds me of cryptocurrencies from ten years ago, which was an emerging asset class moving towards a scale of trillions of dollars."

Compliance or Decentralization: Kalshi embraces regulation, Polymarket takes a different approach.

Looking at the biggest differences between the two platforms, it is not difficult to see that it lies in the choice of regulatory strategy.

Founded in 2018, Kalshi is currently the only prediction market approved by the U.S. Commodity Futures Trading Commission )CFTC(, a federally compliant platform, and will free itself from regulatory disputes over political prediction contracts in May 2025, becoming the prime example of the potential legalization of political prediction in the United States.

)Robinhood teams up with Kalshi to launch prediction market features, focusing on politics, economics, and sports(

In comparison, Polymarket adopts a Decentralization design, but users in the United States are unable to use the product as it has not received approval from the CFTC. Nevertheless, the number of platform users continues to grow steadily, thanks to timely and controversial topics, low barriers to participation, and an active community, expanding steadily in the global market.

)Polymarket prediction market controversy! UMA protocol whale manipulates results: losing bets can also win money(

From elections to economic recession: prediction markets become the best polling tool

Coinciding with last year's U.S. presidential election, the number of users on Kalshi and Polymarket experienced explosive growth before the election, conducting the first test of the prediction market's response to the election situation.

Kalshi's current betting categories cover politics, economics, weather, encryption, etc., with sports contracts accounting for as much as 79% of the trading volume. Polymarket is known for its diverse topics, ranging from election predictions to stock price fluctuations, and even theological or mystical issues.

Such markets are also seen by some financial or political institutions as alternatives to traditional polls and analyses, providing data teams with more accurate result predictions.

Prediction market becomes the next hotspot: Compliance determines the battlefield.

From the recent funding news of Polymarket and Kalshi, it is evident that prediction markets are no longer just betting platforms, but have the potential to become a convergence place for public sentiment. In the coming years, regulatory policies will determine which players can survive in the long term, and which can only continue to operate in the gray area.

As institutional capital gradually enters the market and user habits begin to form, the decentralized prediction market may pave a more accessible path to the real world compared to the complex and difficult-to-understand DeFi.

This article targets Polymarket! Paradigm leads a $185 million investment in Kalshi, with a valuation looking at $2 billion, first appeared on Chain News ABMedia.