Phantom, a crypto wallet with over 20 million users, has launched a major new feature through a partnership with Kalshi, the world’s largest regulated prediction market. The new capability, called Phantom Prediction Markets, enables users to discover trending events, chat with other market participants, and trade positions on real-world outcomes without leaving the wallet.
The collaboration brings prediction markets directly into Phantom’s Web3 environment, allowing users to act on insights about politics, economics, sports, and crypto. Phantom users can back outcomes, follow live odds, and buy or sell positions as easily as swapping tokens inside the app.
How the feature works
Phantom’s release explained that users can use Solana tokens or CASH, the wallet’s native stablecoin, to purchase tokenized positions referencing Kalshi’s markets. This integration eliminates the need for external deposits or new account setups.
Kalshi’s markets operate under the supervision of the U.S. Commodity Futures Trading Commission (CFTC) and are based on clearly defined and objectively resolvable outcomes. Events range from political elections and economic data releases to sports and cultural happenings.
Once a user enters a market, they can monitor live prices, odds, scores, and results, with updates delivered directly inside Phantom. Notifications arrive when markets settle, giving a complete and uninterrupted experience for those participating in the event-based markets.
A social space inside Phantom
Beyond trading, Phantom’s new feature includes an active community chat for each market. The chat allows users to exchange ideas, gauge sentiment, and discuss events as they unfold. Phantom described the rollout as part of a broader plan to merge DeFi, token swaps, and perpetual futures within a unified experience.
CEO Brandon Millman said in the launch announcement,
“We built Phantom to make crypto feel intuitive for everyone, and now we are bringing that same simplicity to prediction markets. 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’s rapid market expansion
The launch follows a period of strong momentum for Kalshi. The company recorded $5.8 billion in transaction activity in November, driven by surging interest across political and economic events.
Kalshi operates as the first federally regulated prediction market in the U.S., providing a legal framework for event-based trading. The firm’s markets serve both individual and institutional participants.
In an earlier statement, CEO Tarek Mansour said,
“Phantom opens a major new channel for growth by bringing our markets to millions of crypto-native users who want to express opinions on real-world events. At Kalshi, we’re looking to be a leader onchain like we are offchain, and partnering with Phantom is a significant step in helping us achieve that goal.”
Kalshi has seen multiple organizations begin referencing its data and positions on-chain. Recent collaborations include Google Finance, CNN, CNBC, and the National Hockey League, along with a high-traffic integration through Robinhood, which now accounts for more than half of Kalshi’s activity volume.
Backed by major investors
Kalshi recently completed a $1 billion funding round, reaching an $11 billion valuation, with participation from major investors such as Paradigm, Sequoia Capital, and Andreessen Horowitz, as reported by HodlFM. Competing platforms such as Polymarket have also expanded quickly, supported by new backing from Intercontinental Exchange (ICE) and additional investment discussions that could lift its valuation near $15 billion.
Phantom has emerged as the latest major interface to bring regulated prediction markets on-chain, giving users a new layer of engagement without requiring additional steps or third-party websites. The integration highlights the trend of mainstream crypto wallets adopting event markets to make decentralized finance more interactive and context-driven.
Risk disclosure and investment caution
Participating in event-based trading or prediction markets carries financial risks. Users could lose part or all of the funds they commit if their outcomes do not settle in their favor. Market odds and liquidity can shift sharply based on news, event timing, and sentiment changes.
Prediction markets, while regulated in certain jurisdictions, remain a speculative financial activity. They are not guaranteed sources of income and should not be treated as investment substitutes. Users are advised to use only funds they can afford to lose and assess their individual risk tolerance before participating.
Additionally, while Kalshi operates under CFTC oversight, evolving regulatory frameworks may affect how prediction markets are classified or accessed in different regions. Users outside the United States may face restrictions based on local laws or compliance requirements.
Phantom and Kalshi have stated that market access and position settlements follow the existing U.S. regulatory framework, but users should perform independent research or consult financial advisors before engaging in trading activity.
Matvii Diadkov
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