Phantom launches Kalshi-powered prediction markets for US users

Crypto wallet provider Phantom has begun rolling out Kalshi-powered prediction markets to eligible users in the United States, bringing real-world event trading directly into its app. The integration gives users access to contracts offered by a federally regulated exchange without requiring them to leave the wallet interface.

In an October 23 announcement, Phantom said access would expand over the following weeks. The company framed the launch as the first US integration built around regulatory relief it sought earlier in the year, rather than unrestricted access for every American wallet holder.

According to Phantom, CFTC staff issued conditional no-action relief in March allowing its software interface to connect users to regulated markets without registering as an introducing broker. The company said similarly situated software providers received industry-wide relief under the same conditions in September. Phantom itself is not registered with the CFTC, a distinction the company includes in its launch disclosures.

The arrangement divides responsibility between the wallet and the exchange. Phantom provides the interface for account setup and trading, while Kalshi approves and holds trading accounts and executes submitted orders. Users must complete identity verification, with a third-party service collecting and storing identity information, according to Phantom’s announcement.

Phantom’s support documentation says users can browse markets covering sports, politics, economics and culture, select an outcome and review prices and fees before confirming an order. Purchases can be funded from a Cash balance or Solana tokens. Positions can be tracked inside the app, and users may sell before an event resolves if sufficient liquidity is available.

That convenience does not remove the possibility of losing money or being unable to exit a position. Phantom warns that a cash-out requires buyers and that displayed profits do not guarantee a sale at the indicated price. Kalshi determines market outcomes under the applicable rules; an incorrect prediction generally leaves the purchased contracts with no payout.

The commercial relationship also gives Phantom a financial stake in activity routed through its interface. Its disclosures say Kalshi shares a portion of exchange fees with the wallet provider, and Phantom may charge an additional transaction fee. The company acknowledges that earning revenue from trading creates a potential conflict of interest and says Kalshi markets will receive prominent placement for a period after launch.

The expansion comes as prediction markets face growing legal challenges in the United States, according to Cointelegraph’s report. Phantom’s own disclosures caution that changes in regulation, enforcement or legal interpretation could affect market availability and users’ positions. Federal registration of the exchange therefore should not be read as a promise that every contract will remain accessible in every jurisdiction.

Next comes the broader rollout described by Phantom, with access still subject to eligibility checks and geographic restrictions. The company says it will continue working with regulators on access through self-custody software. For users, availability will depend on both the product’s expansion and the rules governing the markets they want to trade.