Paradigm is reportedly developing a prediction markets trading terminal, according to anonymous sources in a Fortune report on Wednesday. 

Arjun Balaji, a partner at the venture firm, is said to be leading the terminal initiative, Fortune reported. 

Moreover, the firm is reportedly considering establishing an internal market-making desk for prediction markets and prediction market indices.

The Block reached out to Paradigm for confirmation. 

Paradigm has been a significant backer of Kalshi, the largest U.S. prediction market provider, since at least June, when it led Kalshi's $185 million Series C round at a $2 billion valuation.

The venture firm also led Kalshi’s massive $1 billion Series E in December 2025 at an $11 billion valuation. 

Kalshi is currently valued at approximately $22 billion, following another $1 billion raise disclosed in March. 

Paradigm founder Matt Huang has previously said that prediction markets represent a trillion-dollar opportunity. Huang sits on Kalshi’s board of directors. 

Trading terminals enable users to access platforms through a custom-built trading interface, potentially aggregating opportunities across competing trading platforms.

While Kalshi and Polymarket continue to dominate the nascent prediction market sector, they are facing increasing competition. Crypto natives like Coinbase, Crypto.com, and Genesis have launched offerings, while established gambling brands like DraftKings are also tapping the field. 

The Commodity Futures Trading Commission under Chairman Michael Selig has been vocal that prediction market activity is permitted under the agency’s remit. However, several states have lobbed legal challenges at firms including Kalshi and Crypto.com for allegedly violating local gambling laws.