Kalsi’s valuation reached $5 billion, days after rival Polymarket acquired $2 billion on the New York Stock Exchange with $8 billion in backing.

Karsi, a prediction market that allows people to bet on future events, announced it has raised more than $300 million at a valuation of $5 billion. The company’s value has increased 2.5x since its last funding just three months ago, at a valuation of $2 billion.

The new capital was provided by Kalsi’s existing investor Sequoia Capital, with new investor Andreessen Horowitz co-leading the round. Paradigm Ventures, CapitalG, and Coinbase Ventures also participated.

Kalsi also revealed that consumers in 140 countries can now place bets on the company’s platform.

Prediction market activity has increased dramatically, with Kalsi’s annual trading volume expected to reach $50 billion, a significant increase from last year’s roughly $300 million in trading volume, the New York Times reported.

Kalsi’s funding announcement follows one by archrival Polymarket, which revealed a few days ago that it had secured an investment of up to $2 billion from New York Stock Exchange owner Intercontinental Exchange (ICE) at a pre-money valuation of $8 billion. The deal values ​​Polymarket at $8 billion pre-money, a significant increase from its $1 billion valuation just two months ago in August.

Both Calci and Polimarket rose to prominence last year, gaining a lot of attention as presidential election outcome prediction markets.

A settlement with the Commodity Futures Trading Commission (CFTC) prohibits Polymarket from providing services to U.S. residents starting in 2022. The company acquired a derivatives exchange and a clearinghouse in July. This move gave Polymarket the right to re-enter the US market. “Polymarket has been given the green light by the CFTC to operate in the U.S.,” company CEO and founder Shane Coplan told X last month.

Kalsi successfully sued the CFTC last year, securing the right for Americans to use its platform.