According to TechFlow, on December 9, Business Insider reported that Kalshi CEO Tarek Mansour stated on a podcast that the competitive relationship with rival Polymarket has driven both companies to work harder on their development.
Mansour compared the rivalry between the two companies to the matchups between NFL quarterbacks Tom Brady and Eli Manning, as well as the competition between soccer stars Lionel Messi and Cristiano Ronaldo. He said, “Without Polymarket, we wouldn’t be pushing so hard on marketing and product development. This kind of competition will drive us to expand the scale of the industry to heights that would otherwise be unattainable, and in the long run, it’s beneficial for customers.”
Kalshi was founded in 2018. Last week, the company announced partnerships with CNN and CNBC and completed a $1 billion funding round at an $11 billion valuation. Its competitor Polymarket was founded in 2020 and reached a $13.5 billion valuation in November.
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