Phantom Integrates Kalshi Prediction Markets Inside Crypto Wallet
Crypto wallet provider Phantom has partnered with prediction market platform Kalshi to launch Phantom Prediction Markets, enabling Phantom users to monitor markets and odds directly from within their wallet.
As part of the partnership, Phantom users can now access tokenized prediction markets for politics, cryptocurrencies, sports, economics, and cultural events directly within the wallet interface, eliminating the need to open separate accounts or transfer funds to an external platform.
The Phantom Prediction Markets eliminate many of the steps associated with onboarding when event trading, as a trader can now join a market using CASH or by matching suitable Solana tokens in their portfolio. They can also access real-time information, such as pricing and implied odds, among other things.
Volumes and open interest from Kalshi, one of the top prediction market apps, are integrated into Phantom's existing trading functionality, including spot token swaps and perpetual futures. Phantom has also introduced a community chat function in each market, allowing buyers and sellers to communicate based on odds.
"We built Phantom to make crypto feel intuitive for everyone, and now we are bringing that same simplicity to prediction markets," said Brandon Millman, CEO of Phantom. "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 alongside the same community where they already explore DeFi, perps, stablecoins, and more."
Kalshi CEO Tarek Mansour described the partnership as a “significant step” in the company's goal to become a leader in on-chain trading. He added that the deal also opened up a new channel of growth for Kalshi by providing its market to millions of crypto users.
Massachusetts targets Kalshi sports markets amid legal disputes
As Kalshi looks to build new partnerships, it has also been facing increasing legal pressure from states regarding its sports event contracts. Last week, Massachusetts moved to halt Kalshi from offering contracts tied to sporting event outcomes, marking the first attempt by a state to seek a court order against the company's sports products.
Attorney General Andrea Joy Campbell planned to ask a Suffolk County Superior Court judge to bar Kalshi from allowing Massachusetts residents to trade contracts linked to football, basketball, and other sports. The request followed cease-and-desist letters issued by regulators in at least nine states, alleging Kalshi was operating an unlicensed sports wagering business.
Massachusetts escalated its position in September. It argued that Kalshi's sports contracts constituted sports betting and required licensure from the Massachusetts Gaming Commission.
The state also noted age restrictions, stating that licensed sportsbooks must restrict participation to individuals who are at least 21 years old. Kalshi allows users as young as 18, which raises questions about accessibility in places like classrooms.
Kalshi has insisted that its platform is only subject to federal law, claiming that the CFTC regulates its contracts as swaps under the Commodity Exchange Act.
That stance has faced mixed outcomes in court. Judges in Nevada and Maryland ruled that state gaming laws applied to Kalshi's sports markets, while a New Jersey judge temporarily blocked enforcement.
