Kalshi is a compliant prediction market trading platform. The $1 billion investment isn’t just from a16z; the scale might be large because of the market-making seed capital. This is different from the HYPE logic—more on that later. Kalshi’s positioning is similar to top-tier exchanges like CBOT/NYSE/CBOE, but the traded content is event outcomes. Everyone often uses exchanges, but their understanding of exchanges is limited to just a place for buying and selling assets. Now, please imagine (continued)