Prediction Market Giant Kalshi Aims to Be on Every Major Crypto Exchange Within 12 Months
Within the next 12 months, Kalshi, a U.S.-regulated prediction market platform, will be available on all major cryptocurrency applications and exchanges. During the Token2049 conference in Singapore, John Wang, the head of Crypto, told The Block this. Wang, who has been a cryptocurrency trader and influencer for eight years, joined Kalshi in August as head of crypto to spearhead the on-chain growth of the platform. More crypto-native power users will be onboarded to the platform as a result of this change.
This next phase of Kalshi’s growth, which is about building an ecosystem of new financial primitives and trading front-ends on top of Kalshi, will be a 10x unlock for us. And crypto is core to this mission. The crypto community is the definition of power users, people who live and breathe new financial markets and frontier technology. We’re welcoming a huge developer base who are excited about building tools for those power users.
Wang
Kalshi Unveils Ambitious On-Chain Builder Ecosystem with AI and Data Tools
Kalshi is creating a broad, utility-focused builder environment for its on-chain project, which includes instantly transferring its event data to the blockchain for developers. Additional initiatives include creating AI agents, advanced data dashboards, and new informational arbitrage marketplaces.
Kalshi launched its ecosystem support network with special funding for off-chain and on-chain innovators last month in collaboration with Solana and Base. According to Wang, Kalshi plans to collaborate with a few more networks in the future in order to interact with various blockchain communities. Wang added that his group wants to significantly grow the cryptocurrency event contract markets.
I think prediction markets are similar to [crypto] options that are packaged in the most accessible form possible. So I think prediction markets are like the Trojan Horse for [people] to enter crypto.
Wang
NFL Event Contracts Propel Kalshi to Prediction Market Supremacy
By the end of September, Kalshi’s market share had grown from 3.3% the previous year to 66%, making it the market leader in prediction markets. This expansion has eclipsed Polymarket, its crypto-native rival. The increase in market share was fueled by a spike in event contracts tied to the NFL in the United States.
According to Wang, Kalshi’s recent success can be attributed to its three years of putting regulatory compliance in the US first. Kalshi challenged the Commodity Futures Trading Commission‘s decision to bar it from listing and trading event contracts linked to political elections on the platform in a lawsuit it filed against the commission in 2023. The CFTC ultimately decided to dismiss its appeal in May after a U.S. district judge decided in Kalshi’s favor.
[Kalshi] played the long game and we were able to legalize right before the election, we seized the opportunity and did the best we could. Prediction markets and event contracts are now being held at the same level as normal derivatives and stocks — this is genuinely like the new world’s newest asset class.”
Wang
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[…] competitor Polymarket in monthly volume. In October, Kalshi’s volume was $4.4 billion, while Polymarket‘s was $3.02 billion. Kalshi’s head of cryptocurrency, John Wang, stated last month that […]