- The new Phantom prediction markets feature supports tokenized event trading across multiple categories.
- Cryptocurrency exchanges such as Gemini and Coinbase are also entering the U.S. prediction market.
- Recent legal actions involving the states of Connecticut and Kalshi continue to cause regulatory concerns.
Cryptocurrency wallets are increasingly becoming gateways to real-world financial activity, and Phantom’s latest move highlights this shift.
The cryptocurrency wallet application has partnered with regulated prediction market Kalshi to embed event-based trading directly into the wallet interface.
The integration allows users to participate in results-driven markets without moving their funds to an external platform.
It also reflects a broader push by cryptocurrency companies to blend on-chain infrastructure with regulated financial products tied to real-world events, from elections to economic data and cultural moments.
The partnership announced on Friday introduces a new product within the wallet called Phantom Prediction Markets.
This feature allows users to explore live events, monitor price movements, and trade tokenized positions linked to the Kalshi market, all within Phantom’s existing interface.
This move positions the wallet not only as a storage tool but also as an active trading hub.
How Phantom Kalshi Integration Works
Phantom users can discover popular event markets and track real-time odds directly from within their wallet.
The integration enables trading of tokenized positions referencing Kalshi’s regulated event contracts covering categories such as politics, economics, sports and culture.
Instead of navigating a separate trading platform, users can place and manage positions from the same wallet they already use for their on-chain activities.
This architecture relies on tokenized representation linked to the Kalshi marketplace and connects decentralized wallet infrastructure and regulated event trading.
Phantom describes the product as a way for users to engage in real-time with topics of interest by using cryptography-based tools to interact with real-world results.
This launch adds to Phantom’s expanding feature set as competition among wallet providers increases.
Prediction markets attract cryptocurrency exchanges
Phantom’s announcement comes as the cryptocurrency exchange and its affiliates are moving quickly to establish a presence in the U.S. prediction market.
On Thursday, Gemini Titan, an affiliate of cryptocurrency exchange Gemini, received designated contract market authorization from the U.S. Commodity Futures Trading Commission.
Gemini said the license will enable it to offer event contract trading via its web platform.
Following the announcement, Gemini shares rose nearly 14% in after-hours trading, reflecting investor interest in the sector.
Prediction markets have grown in popularity as traders look for alternative ways to express their views on macroeconomic indicators, elections and other headline-driven events, often outside of traditional derivatives markets.
Regulatory pressures shape the environment.
Despite growing adoption, prediction markets continue to face regulatory scrutiny in the United States.
On December 4, the Connecticut Department of Consumer Affairs sent cease-and-desist orders to Robinhood, Kalshi, and Crypto.com, alleging that they were providing unlicensed online gambling services.
Kalshi filed suit against the state agency the next day, arguing that the event contract was permissible under federal law.
A Connecticut federal court judge later ordered the department to pause enforcement action against Kalshi and temporarily block the suspension order.
The ruling provides short-term relief to Kalshi, as legal issues surrounding prediction markets are still unresolved.
