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Kalshi is the largest prediction market by trading volume and a rival of Polymarket. It enables both Web2 and crypto users to trade outcomes on multiple real-world topics and earn rewards if the results are forecasted accurately.
On November 20, 2025, the Kalshi betting app closed a $1B private round at a $11B valuation with the participation of Paradigm, a16z, Sequoia Capital, and CapitalG.