Phantom Launches Kalshi Prediction Market for U.S. Users

The cryptocurrency wallet Phantom began rolling out the Kalshi prediction market to U.S. users on October 23. Users can directly trade event contracts within the Phantom app, with plans to gradually expand access in the coming weeks. Users must complete KYC on Kalshi. Trading funds come from the U.S. dollar stablecoin CASH in users' Phantom Cash accounts, which are converted to fiat currency after being transferred to Kalshi, with proceeds and profits returned to the users' Cash accounts. Phantom charges a fee of $0.02 per contract, along with a small network fee for transferring funds to Kalshi. Phantom will implement restrictions by market category in three states: blocking sports markets in Michigan; blocking sports, election, political, and entertainment markets in Nevada; and blocking cultural, scientific and technological, mentions, and geopolitical markets in Washington state, in addition to the aforementioned categories. These restrictions may be adjusted based on the progress of lawsuits in each state. Phantom's General Counsel stated that the CFTC's jurisdiction over such products is clear, and as long as Phantom's participation aligns with the no-action position it has received, the company is confident in conducting this business and will comply with state restrictions during the dispute period.

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