Fortune: Competition Intensifies Between Kalshi and Polymarket, With the Latter's Valuation Nearly Double That of the Former

Foresight News reported, according to Fortune magazine, that prediction market startups Kalshi and Polymarket are competing for market dominance. Although Kalshi currently attracts a large number of users in the US, covering multiple fields such as sports and politics, its valuation is $5 billion, while Polymarket's valuation is close to $9 billion, almost twice that of Kalshi. Polymarket's cryptocurrency background is considered an important reason for its high valuation. Kalshi is more advanced in terms of regulation, but Polymarket has been clearing trades on the Polygon Layer 2 network since its inception. Both companies have announced new rounds of financing; however, Kalshi faces competition from giants such as Robinhood and certain exchanges that are showing interest in the prediction market. Although Kalshi adopts a more rigorous approach to dispute resolution and ethical control, Polymarket is vague in contract approval and faces many challenges.

Interestingly, the report states that Polymarket founder Shayne Coplan (now 27 years old) even participated in the Ethereum ICO while still in high school.