Kalshi has already traded more than $291 billion this year, and October alone is on pace to pass a record $60 billion. Now Phantom, one of the most popular crypto wallets, is putting Kalshi's prediction markets right inside its app for US users.
Key points:
- Phantom begins rolling out Kalshi event contracts to US users on Friday, Oct. 23, with access widening over the coming weeks.
- Users finish KYC with Kalshi and fund trades using Phantom's CASH stablecoin; winnings land back in their Cash accounts.
- The launch comes after a CFTC no-action letter for Phantom, even as several US states challenge Kalshi in court.
Phantom said it will show Kalshi's markets directly in the wallet app, so users can trade event contracts without leaving Phantom. Kalshi is making its full market catalog available, and Phantom will decide which markets appear in the app. The company expects the partnership to bring more users to Kalshi, add liquidity, and improve market data.
To trade, users complete identity verification (KYC) with Kalshi and pay from their Phantom Cash accounts using CASH, Phantom's dollar-pegged stablecoin. Funds move to Kalshi and convert to fiat for settlement, while payouts return to the user's Cash account. Phantom quotes a prediction feed of $0.02 per contract plus a small network fee, shown before each trade, and says more payment options are coming soon.
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What about the legal fight?
The launch lands in the middle of a legal battle. Some US states argue Kalshi's event contracts violate state gambling laws, while Kalshi says federal oversight protects it. Phantom's general counsel said the company is "confident and comfortable" moving ahead, pointing to a conditional no-action letter from the CFTC issued in March, which was later extended to other software providers. Phantom will block certain markets in Michigan, Nevada, and Washington while those cases play out.
For traders, the timing matters: October volume on Kalshi has already hit $55.33 billion with nine days left in the month, putting it on track to beat September's $59.32 billion record. Prediction markets are growing fast, and a major wallet putting them one tap away could push even more volume through them in the months ahead.
Read also: Bybit Wins Full Dubai License for Spot Trading — When Does Trading Start?
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: The Block.
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