Phantom Brings Kalshi to the App: Prediction Markets, Now With CASH

Crypto wallet Phantom is rolling out Kalshi-powered prediction markets to users in the United States, expanding access to event contracts in the Phantom app over the coming weeks through a commercial partnership with KalshiEx.

U.S. users must complete Kalshi’s KYC process and link or create a Kalshi account before trading event contracts directly in Phantom. Trades will primarily be funded with Phantom’s CASH stablecoin. Phantom serves as a non-custodial interface and does not take custody of user funds, while users become direct members of Kalshi, a CFTC-registered Designated Contract Market and derivatives clearing organization.

Kalshi will share with Phantom a portion of the exchange fees it receives on event contracts traded through the Phantom interface. Phantom has highlighted risks including loss of capital, market volatility, liquidity risk, and counterparty and regulatory risks. The rollout comes amid state lawsuits against Kalshi and challenges to CFTC oversight.

“Phantom did the regulatory work up front, and it’s a model for how prediction markets can reach more people,” said Max Crowley, VP of Business Development at Phantom.