Venture capital firm Paradigm is pushing ahead with development of a prediction-market trading terminal.

Fortune reported the details, citing anonymous sources. The report said Paradigm partner Arjun Balaji (Arjun Balaji) is known to be leading the terminal’s development. The trading terminal supports users by letting them access trading opportunities scattered across multiple platforms in one place through a customised trading interface. Paradigm is also considering an internal market-making desk for prediction markets and the operation of a prediction-market index.

Paradigm is a major investor in Kalshi, the largest U.S. prediction-market platform. It led Kalshi’s $185 million Series C round in June last year at a $2 billion valuation, and led a $1 billion Series E round in December last year that valued the company at $11 billion. Kalshi raised an additional $1 billion in March this year, bringing its current valuation to about $22 billion.

Paradigm founder Matt Huang (맷 황) has said prediction markets are a multi-trillion-dollar opportunity, and also serves on Kalshi’s board.

Prediction markets are led by Kalshi and Polymarket, but competition is intensifying. Crypto companies such as Coinbase, Crypto.com and Genesis, as well as traditional sports betting companies such as DraftKings, have also entered the market.