Phantom taps Kalshi to offer regulated prediction markets in wallet

cointelegraphPublished on 2025-12-12Last updated on 2025-12-12

Abstract

Cryptocurrency wallet Phantom has partnered with regulated prediction market Kalshi to integrate event-based trading directly into its wallet interface. The new feature, Phantom Prediction Markets, will allow users to trade tokenized positions on real-world events in politics, economics, sports, and culture without leaving the app. This move aligns with a broader trend, as major crypto exchanges like Gemini and Coinbase are also entering the prediction market space. However, the industry faces regulatory challenges, exemplified by Connecticut's recent cease-and-desist orders against several platforms, including Kalshi, which is now legally challenging the state's actions.

Crypto wallet application Phantom has partnered with regulated prediction market Kalshi to bring event-based trading directly inside its wallet interface, signaling a deeper convergence between onchain finance and real-world outcome betting.

The companies said Friday that the integration would allow Phantom users to discover trending events, track live odds and place bets without leaving their wallets.

A new feature called Phantom Prediction Markets would allow users to trade tokenized positions that reference Kalshi’s event markets across politics, economics, sports and culture.

“By integrating a layer of tokenized positions referencing Kalshi’s regulated event markets with Phantom, users can trade what they care about in real time,” said Phantom CEO Brandon Millman.

Source: Phantom

Crypto exchanges eye US prediction markets

Phantom’s move comes as major crypto trading platforms race to enter the US prediction markets business.

On Thursday, Gemini Titan, an affiliate of the crypto exchange Gemini, received a designated contract market license from the US Commodity Futures Trading Commission (CFTC). Gemini said it plans to enter the prediction markets space.

The exchange said that it would allow users to access event contract trading on its web platform. Following its announcement, Gemini shares went up by nearly 14% in after-hours trading.

On Nov. 19, tech researcher Jane Manchun Wong, known for discovering in-development features on Big Tech websites, claimed that crypto exchange Coinbase is working on a prediction market. Wong shared screenshots apparently showing the unreleased platform.

Citing anonymous sources, Bloomberg reported that Coinbase plans to announce the launch of its prediction markets and tokenized equities.

A Coinbase spokesperson previously told Cointelegraph that they company will hold a livestream on Wednesday to showcase new products. However, the spokesperson did not mention prediction markets or tokenized stocks.

Related: Polymarket trading figures are being double-counted: Paradigm

Prediction markets face regulatory pushback

While prediction markets have gained popularity in the US, the state of Connecticut has recently taken a stance against certain platforms.

On Dec. 4, the Connecticut Department of Consumer Protection (DCP) sent cease and desist orders to Robinhood, Kalshi and Crypto.com, alleging that they were conducting unlicensed online gambling. However, Kalshi immediately took action a day later.

The prediction market platform sued the DCP, arguing that its event contracts are lawful under federal law.

Connecticut federal court judge Vernon Oliver stated in an order that the DCP must refrain from taking enforcement action against Kalshi. This temporarily stops the DCP’s cease and desist order against Kalshi.

Magazine: Koreans ‘pump’ alts after Upbit hack, China BTC mining surge: Asia Express

Related Reads

Tether’s Mega-Freeze: $344M USDT Locked Down In Major Operation With US Authorities

Tether has frozen $344 million in USDT held in two Tron wallets at the request of US authorities, including OFAC, after the wallets were linked to sanctions evasion and criminal activity. The company emphasized its routine cooperation with global law enforcement, having supported over 2,300 cases and frozen more than $4.4 billion in assets to date. This action contrasts with increased scrutiny on rival stablecoin issuer Circle, which faces a lawsuit over its alleged failure to promptly freeze $280 million stolen in the Drift Protocol hack. Tether also announced a collaboration with Drift Protocol to support recovery efforts with nearly $150 million in backing.

bitcoinist14m ago

Tether’s Mega-Freeze: $344M USDT Locked Down In Major Operation With US Authorities

bitcoinist14m ago

Shenzhen's Airdrop Hunters Are Now Turning to Hong Kong Stock IPOs

Shenzhen, a city synonymous with ambition and rapid growth, has long been a hub for those capitalizing on information and opportunity gaps. From its origins as a small fishing village, it has transformed into a global center for electronics, manufacturing, and innovation, home to giants like Huawei, Tencent, and DJI. Arez, a typical Shenzhen entrepreneur in his early thirties, runs an airdrop farming studio in Nanshan. In 2023, his team profited significantly from major airdrops including Arbitrum, Starknet, and LayerZero. At its peak, the operation managed thousands of on-chain addresses, utilizing scripts, IP proxies, KYC resources, and capital rotation to maximize returns. Now, like many others in Shenzhen’s dynamic speculative economy, Arez and his peers are shifting focus—this time to Hong Kong’s IPO market, seeking new avenues for profit in ever-evolving financial landscapes.

marsbit23m ago

Shenzhen's Airdrop Hunters Are Now Turning to Hong Kong Stock IPOs

marsbit23m ago

Four Outrageous Details Hidden in Justin Sun's Lawsuit Against WLFI

Cryptocurrency billionaire Justin Sun has filed a lawsuit against World Liberty Financial (WLFI), accusing its executives of fraud, theft, and other violations. The complaint highlights four key allegations: First, it details the controversial history of WLFI co-founder Chase Herro, including past scams, a prison record, tax liens, and alleged visits to Jeffrey Epstein’s private island. Second, Sun claims WLFI secretly upgraded its smart contract without token holder approval, granting itself the power to freeze and seize WLFI tokens—a move allegedly used against Sun. WLFI defended the action as necessary to protect user interests. Third, the dispute may have been fueled by Sun’s $100 million purchase of TRUMP meme tokens issued by a Trump-affiliated project. WLFI reportedly objected, though the purchase was allegedly approved by a Trump family member involved with both projects. Finally, Sun accuses WLFI of operating an unlicensed money transmission business due to its centralized control over token transfers, potentially violating federal and state laws. WLFI CEO Zach Witkoff dismissed the suit as a desperate distraction from Sun’s own misconduct. Herro did not directly address the allegations.

marsbit28m ago

Four Outrageous Details Hidden in Justin Sun's Lawsuit Against WLFI

marsbit28m ago

Chip Stocks Hit Record Highs Since 2000, SaaS Stocks Fall to Yearly Lows: Two Worlds Under the AI Divide

The article highlights a stark divergence in the tech market driven by AI: semiconductor stocks are surging while SaaS stocks plummet. On April 23, Texas Instruments saw its best single-day performance since 2000, with Q1 revenue up 19% and data center revenue surging 90%. Intel also reported blowout results, with revenue far exceeding expectations and its stock rising over 20% after hours. The semiconductor ETF (SMH) is up nearly 28% this year. In contrast, SaaS companies like ServiceNow and IBM experienced historic declines, with ServiceNow dropping 18% despite beating earnings estimates. The software ETF (IGV) has entered a technical bear market, losing about $2 trillion in market cap. The trend, dubbed "SaaSpocalypse," reflects fears that AI agents could reduce the need for software licenses and enable companies to build internal tools instead of relying on SaaS subscriptions. The market is rotating capital from software to semiconductors, betting on AI infrastructure as a safer play. Chip stocks now trade at high valuations—Texas Instruments at a P/E over 50, Intel at 120 times forward earnings—pricing in years of growth. However, this depends on continued massive AI capital expenditure from tech giants. If spending slows, the trend could reverse. For now, the divide persists: chips celebrate, SaaS struggles.

marsbit47m ago

Chip Stocks Hit Record Highs Since 2000, SaaS Stocks Fall to Yearly Lows: Two Worlds Under the AI Divide

marsbit47m ago

From Robinhood to Polymarket: Is the Era of Integrating All Assets on a Single Platform Coming?

From Robinhood to Polymarket: The Era of All-in-One Asset Platforms Is Coming Asset classes are rapidly converging. Platforms that once specialized in single categories—such as stocks, cryptocurrencies, or prediction markets—are now moving toward offering all three. Robinhood pioneered this model, starting with equities, adding crypto in 2018, and prediction markets in 2025. This strategy has proven resilient: when crypto revenues fell, other segments like options and stocks filled the gap. Now, prediction market leaders Polymarket and Kalshi are moving in the same direction, both announcing perpetual futures trading on April 21, 2026, pending regulatory approval. These futures will cover assets like Bitcoin, gold, and stocks such as Nvidia. This trend mirrors the consolidation seen in consumer tech, like smartphones replacing dedicated cameras and MP3 players. Younger users, accustomed to interacting with multiple asset types from an early age, will increasingly demand unified platforms. A key competitive advantage in prediction markets is collateral utilization—idle assets locked during betting periods. Polymarket’s move into perpetuals may be a strategy to generate yield from that capital, similar to earlier DeFi integrations like PolyAave. As the regulatory landscape evolves, traditional finance is also likely to incorporate crypto and prediction markets, further accelerating this convergence.

marsbit47m ago

From Robinhood to Polymarket: Is the Era of Integrating All Assets on a Single Platform Coming?

marsbit47m ago

Trading

Spot
Futures
活动图片