Phantom Wallet Adds Kalshi Prediction Markets for 20M Users
What Is Phantom Adding Through Its Kalshi Integration?
Phantom is introducing prediction markets directly inside its crypto wallet through a partnership with Kalshi, the CFTC-regulated event trading exchange. The update allows the wallet’s 20 million users to trade outcomes tied to U.S. elections, macro releases and crypto price events without leaving the app. Users can open positions using any Solana-based token, including SOL, USDC, Phantom’s CASH stablecoin and even memecoins such as Fartcoin (FART). Phantom CEO Brandon Millman announced the rollout at Solana Breakpoint in Abu Dhabi.
The integration effectively turns Phantom into a multipurpose trading hub where users can swap tokens, hold stablecoins and now access regulated event markets. The company is also adding a chat feature inside prediction markets, creating social threads around active contracts.
Investor Takeaway
Crypto wallets are shifting from simple storage tools into full trading platforms. Prediction markets are becoming a core feature as wallets compete to keep users inside their own ecosystems.
Why Are Crypto Wallets Racing to Add Prediction Markets?
Phantom’s move fits a wider wallet trend. Apps that once focused on token transfers and staking are now expanding with stablecoins, perps trading and tokenized stocks. MetaMask recently added Polymarket, Kalshi’s main competitor, giving Ethereum users access to the same fast-growing category of event markets. Earlier this year, Phantom launched its own in-app stablecoin, CASH, issued by Stripe, followed by perpetuals and tokenized equity.
The additions reflect the shift in how wallets compete: users want fewer app switches and more direct access to markets. Stablecoin deposits, perps, and prediction markets all live alongside swaps and transfers, narrowing the gap between wallets and trading venues.
Prediction markets have surged over the past year, fueled by the 2024 U.S. election and traders’ demand for event-driven products. Activity sits at the intersection of crypto and traditional finance, where users speculate on political outcomes, inflation readings, economic prints and sports-related events.
How Does Kalshi Fit Into This Landscape?
Kalshi remains one of the few brands in the sector operating under direct federal oversight. Its markets run under CFTC supervision, giving it a compliance framework that most onchain prediction platforms lack. Bringing Kalshi into Phantom attempts to offer users a way to trade real-world events inside a familiar crypto-native interface while tapping a regulated backend.
But the outlook for the sector is still uncertain. A federal court in Nevada recently ruled that contracts tied to sporting event outcomes may fall under state gambling rules, raising questions about how prediction markets are classified when they blend elements of financial contracts and wagering products. While the ruling does not target Kalshi directly, platforms in the space now operate in a more complicated legal environment.
Investor Takeaway
Regulated or not, prediction markets face shifting legal boundaries. Their growth will depend on how courts and regulators treat event-based contracts in the months ahead.
What Does This Mean for Phantom’s Future as a Wallet Platform?
Phantom’s shift toward an all-in-one experience mirrors how exchanges and fintech apps push to increase retention: users who stay inside a single app tend to trade more frequently. By combining swaps, perps, tokenized stocks, a stablecoin and now Kalshi markets, Phantom is building one of the broadest feature sets of any Solana wallet.
The decision also strengthens Solana’s position as a chain where prediction markets, consumer apps and fast settlement can coexist. The ability to place trades using SOL, stablecoins or memecoins is tailored to the chain’s culture, where retail traders frequently move between tokens and speculative markets.
Competitors will likely respond. MetaMask’s Polymarket integration shows that prediction markets are becoming a requirement rather than a novelty. As wallets overlap with exchanges, the category is seeing an arms race around features that keep users inside the app rather than on third-party platforms.
For now, Phantom’s integration with Kalshi brings a regulated event market directly to Solana users and pushes the wallet category deeper into multi-market functionality. With political and economic catalysts ahead in 2025, the prediction-market surge that began with the U.S. election cycle is unlikely to fade.