TechFlow reports that, according to Fortune, on April 1, crypto venture capital firm Paradigm is developing a prediction market trading terminal tailored for professional traders and market makers, led by partner Arjun Balaji; the project was launched at the end of 2025.
Paradigm is also evaluating whether to establish an in-house prediction market market-making business and is collaborating with researchers to explore the feasibility of creating a prediction market index—i.e., bundling multiple prediction markets into a tradable product, structured similarly to the S&P 500 Index. The firm has begun aggregating prediction market data into a public data dashboard.
On the investment front, Paradigm is a key backer of prediction market platform Kalshi, having participated in all three of its funding rounds in 2025—including leading the December round that valued Kalshi at $11 billion. Kalshi’s most recent funding round raised at least $1 billion, lifting its valuation to $22 billion.
