Galaxy Digital планирует укрепить позиции на рынке предсказаний через партнерство с Kalshi и Polymarket Translation: Galaxy Digital Plans to Strengthen Its Position in the Prediction Market through Partnership with Kalshi and Polymarket

Galaxy Digital is in discussions with the platforms Polymarket and Kalshi to offer market-making services. This was shared by the company’s founder, Mike Novogratz.

According to him, the firm will facilitate regular trading on these platforms to ensure liquidity.

*»We are conducting limited experiments with market-making on prediction platforms, but I believe you will ultimately see us as a provider of broader liquidity,»* Novogratz stated.

Unlike traditional bookmakers, which act as counterparties for every bet, Kalshi and Polymarket operate under a decentralized model: to purchase a «Yes» contract for any event, a corresponding «No» bid from another participant is required.

To maintain stable liquidity, they are actively seeking professional market makers. Both companies have developed incentive structures that reward traders for supporting trading volumes.

For a long time, prediction markets remained niche and did not capture the attention of major Wall Street players. Until recently, the only company publicly acknowledged as a market maker on Kalshi was Susquehanna International Group.

However, the profitability of this business is beginning to change the dynamic. According to Bloomberg, Jump Trading has already started market-making for Kalshi. AQR Capital Management’s Cliff Asness has expressed interest in entering the sports betting sector.

Currently, the prediction market is represented by two main players—Polymarket and Kalshi. In less than a month of November, their combined trading volume has already surpassed $48 billion.

Polymarket initially led the market, gaining fame during the U.S. presidential elections. However, in September, it was overtaken by the regulated CFTC platform, Kalshi.

In recent months, both projects have attracted significant investments and formed several strategic partnerships. In October, Polymarket secured $2 billion from Intercontinental Exchange, the operator of the New York Stock Exchange.

Following the official return to the U.S. market, the platform is in talks to raise additional capital, valuing itself between $12 billion and $15 billion.

In the same month, Kalshi raised $300 million, bringing its valuation to $5 billion, and its annual trading volume exceeded $50 billion. In November, the project attracted another $1 billion investment, increasing its potential worth to $11 billion.

Earlier, Bernstein analysts stated that prediction markets are evolving into comprehensive information venues. They noted that demand has expanded well beyond politics and sports to encompass economics, cultural events, corporate news, and financial indicators.

Experts pointed out that this is driven by increasing regulatory clarity, institutional investments, the development of tokenization, and active integration with retail brokers. They specifically highlighted the role of Robinhood, a key partner for Kalshi.

The company offers over 1,000 contracts and accounts for 57% of the prediction platform’s volume. The broker’s monthly turnover in this segment reached $2.5 billion, equivalent to $300 million in annual revenue.

In October, Robinhood executive Jay B. Mackenzie mentioned in a conversation with Reuters that the firm is considering acquiring projects in the prediction market to expand its business.

*»I am constantly monitoring potentially interesting opportunities—if one arises, we will explore it and assess how well it aligns with our goals. We also have a strong engineering team capable of creating quality products independently. Therefore, we will seek a balance between these two approaches,»* he said.

Recall that in November, rumors surfaced that the largest American cryptocurrency exchange, Coinbase, plans to integrate Kalshi into its services.