Now, the company is reportedly looking to launch a prediction trading terminal of its own, aimed at professional traders and market makers, Fortune reported Tuesday (April 1), citing sources familiar with the matter.
As Fortune noted, this is happening as the mainstream financial space is racing to tap into the increasing popularity of prediction markets, which let traders speculate on the outcome of things like sporting events, elections, and even minute-to-minute Bitcoin price fluctuations.
Two of the sources told Fortune that Paradigm has also considered setting up an internal market making desk in the prediction markets space as well as the trading terminal. A third source said the firm is researching the feasibility of establishing prediction market indices.
That effort would mean combining multiple prediction markets into one tradeable package, similar to the way the S&P 500 bundles the stocks of 500 companies into one index, the Fortune report said.
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PYMNTS has contacted Paradigm for comment but has not yet received a reply.
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Paradigm has taken part in three funding rounds for Kalshi, and led the company’s Series E round in December that valued the platform at $11 billion. Kalshi’s valuation has since climbed to $22 billion.
At the same time, Kalshi and the broader prediction market space have seen pushback from state regulators around the country.
Kalshi last week was sued by Washington State Attorney General Nick Brown, who alleges that the company’s platform allows illegal gambling on things like elections, Supreme Court cases, wars and “almost everything possible in life.”
“For Kalshi, every event, every tragedy is nothing more than a potential way for Americans to risk their fortunes and for Kalshi to get rich,” Brown said in a news release. “As they advance this bleak vision of the future, they line their pockets and pat themselves on the back for sneaking around Washington’s gambling laws. No more.”
Reached for comment by PYMNTS, Kalshi Head of Communications Elisabeth Diana said in an emailed statement: “If AG Brown hadn’t sued us ahead of our scheduled meeting with him, he would have known better than to say we offer war markets. We don’t.”
Meanwhile, the NFL this week called on prediction market platforms not to offer event contracts that it described as “objectionable bets” on things like injuries, fan safety or misconduct. The football league had banned prediction markets from purchasing Super Bowl ads.
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