The prediction market platform Kalshi has announced the successful completion of a $185 million funding round, boosting its valuation to an impressive $2 billion. This round was spearheaded by Paradigm and backed by a consortium of prominent investment institutions, as well as the CEO of Citadel Securities. The Kalshi platform empowers users to profit by accurately predicting the outcomes of events spanning sports, entertainment, politics, and economics.

Since the 2020 U.S. presidential election, the platform has witnessed a remarkable surge in popularity. Despite criticisms that such prediction contracts amount to a "backdoor form of gambling," Kalshi staunchly refutes these allegations. Since its inception in 2018, the company has navigated legal challenges with U.S. regulators and emerged victorious, paving the way for it to launch contracts related to the White House race. This legal triumph has also piqued the interest of other firms, like Robinhood, in exploring the prediction market landscape.