This is Kalshi’s first expansion outside the United States, Bloomberg News reported Sunday (March 8).
Kalshi will offer U.S investors and select XP users in Brazil, beginning with clients of the XP brand Clear Corretora, contracts tied to Brazil’s economy, covering events such as inflation and interest rates, according to the report.
“We see Brazil the way the U.S. was years ago with prediction markets,” Kalshi co-founder Luana Lopes Lara said, per the report. “It’s our second country, so we will be able to go a lot faster than we did in the U.S. when starting.”
Kalshi announced in October that it made its global prediction markets exchange available to traders from more than 140 countries.
“Prediction markets have always had worldwide relevance,” the company said at the time in a press release. “Events don’t stop at borders, and now, neither does trading on them. Whether it’s elections, central bank decisions, sports or climate, users across continents can trade directly on the outcomes that shape their world.”
Kalshi announced in the same press release that it was valued at $5 billion in a Series D funding round in which it raised $300 million. That valuation was up from the $2 billion valuation it achieved three months earlier, in a June Series C round.
“Kalshi has become one of the fastest-growing technology companies in the United States, and the fastest-growing company outside of the AI industry,” the company said in the release. “In the past year alone, trading volume has grown 200x and the user base has grown 20x.”
It was reported Saturday (March 7) that Kalshi and rival prediction market platform Polymarket are each in discussions with investors about raising money at a valuation of $20 billion.
Kalshi crossed $1 billion in revenue run rate, per the report, which cited unnamed sources.
At the same time, prediction markets are dealing with legal challenges in multiple U.S. states over event contracts, even as the Commodity Futures Trading Commission contends that it has exclusive jurisdiction over these markets.