Summary
- Reported that prediction market platform Kalshi's valuation surged more than double in a few weeks.
- Said that a two-player competition is intensifying as investment funds concentrate on Kalshi and Polymarket.
- The industry said that the large-scale inflow of funds appears to be reorganizing around Kalshi and Polymarket, forming a 'duopoly'.
Prediction market platform Kalshi's valuation has surged to more than double in a few weeks, signaling the start of a 'capital war' within the industry. Investment appears to be concentrating on two platforms amid the two-horse race with Polymarket.
On the 27th (local time), according to crypto-focused media The Block, Kalshi raised $1 billion in an investment round led by Sequoia and CapitalG at a valuation of $11 billion. This is more than double the $500 million valuation (with $300 million raised) reported in October. The new funds flowing in this quarter alone total $1.3 billion.
Rival Polymarket is also reportedly seeking new funding based on a recent valuation of $12–15 billion. Unlike in the past when funds were dispersed to NFTs, GameFi, and AI, a feature of this cycle is that large-scale capital is concentrating only on Kalshi and Polymarket.
The industry analyzed this as "the clear formation of a duopoly in the prediction market industry."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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