According to reports, the prediction platform Kalshi has begun allowing users to buy and sell tokenized versions of its event contracts on the Solana blockchain.
According to a report by CNBC on Monday, Kalshi is getting closer to attracting cryptocurrency users by offering tokenized contracts, which are now live on Solana. This move tokenizes bets on the prediction platform, including U.S. elections, sports, and more, making them tradable on the blockchain.
John Wang, Kalshi's head of cryptocurrency, told CNBC, "There are a lot of sophisticated users in the cryptocurrency space. This is to tap into the billions of dollars in liquidity that cryptocurrency has while also allowing developers to build third-party front ends that leverage Kalshi's liquidity."
The tokenization initiative could challenge the market share of prediction platforms like Polymarket by providing Kalshi users with more anonymity. Reports indicate that DeFi protocols Jupiter and DFlow will bridge the company's off-chain order book to Solana's liquidity.
Kalshi experienced a surge in activity in 2024 after a court ruling allowed the platform to offer political event contracts ahead of major U.S. elections. In May, the Commodity Futures Trading Commission (CFTC) withdrew its appeal against the court's decision.
A funding round led by Sequoia Capital and CapitalG in November reportedly raised an additional $1 billion for the prediction platform, valuing it at approximately $11 billion. This move could position Kalshi in a similar competitive stance to Polymarket, which received a $2 billion investment from the Intercontinental Exchange in October.
Other companies, such as Robinhood, have entered the prediction market space by acquiring exchanges and clearinghouses related to FTX. Reports also indicate that Coinbase is exploring similar initiatives.
Related: Cryptocurrency payments are set to land on PlayStation, with Sony planning to launch a stablecoin in 2026.
Original: “Prediction platform Kalshi tokenizes betting contracts using Solana”
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