Phantom, the global trading app used by a community of more than 20 million people, is opening prediction markets to all eligible users in the United States. The markets come through Phantom’s first U.S. integration with Kalshi, a CFTC-registered exchange. As it reaches their app, U.S. users can trade on the outcome of real-world events, from where Bitcoin’s price lands in the next 15 minutes to Sunday’s football games, in the same app where they buy, sell and hold crypto.

What’s unique on Phantom

  • Market chat: every market has a live chat, so users can see what others think and share their take as the odds move.
  • Live data and scores: real-time prices and live scoring on every event.
  • Trades that work like a token swap: users place a prediction the way they’d swap a token, funded from their Phantom Cash balance.

What Phantom U.S. users can trade at launch

  • Crypto: short-dated up/down markets on certain crypto assets such as Bitcoin, including contracts that settle every 15 minutes
  • Sports: professional and college sports
  • Economics, politics and current events: markets on the economy, politics, AI and other moments people are already talking about

How it works

Phantom’s U.S. users can trade prediction markets without leaving the Phantom app. Kalshi, a CFTC-registered exchange, is responsible for the required customer diligence, approves and holds users’ trading accounts, and executes the trades they submit using Phantom.

The regulatory foundation

In March, CFTC staff issued Staff Letter 26-09, confirming through no-action relief that Phantom would not need to register as an introducing broker to offer users access to regulated markets, subject to certain conditions. Phantom was the first passive software provider to receive this relief, and General Counsel Kevin Jacobs explains the path from that letter to this launch on the Phantom blog.

“Crypto traders already think in short windows, like where Bitcoin will be in 15 minutes. When a market closes that fast, every extra screen costs you the price you saw. We built this to take Phantom users from a view to a trade inside the app they already use, and we’ll keep cutting the steps in between.”
-Femi Awomosu, Head of Product (Trading), Phantom

“Phantom did the regulatory work up front, and it’s a model for how prediction markets can reach more people. We’re excited to bring Kalshi’s CFTC-regulated markets to Phantom’s U.S. users, so they can trade on real-world events without leaving the app.”
-Max Crowley, VP of Business Development, Kalshi

Prediction markets are rolling out now to eligible U.S. users in the Phantom app. Once the Predict tab appears, users complete Kalshi’s standard onboarding steps, and place their first trade. Users with an existing Kalshi account can link it and skip verification, and users with a Phantom Cash account who’ve already verified their identity with Phantom’s other regulated partners can share those details with Kalshi instead of entering them again. Users trade from their Phantom Cash balance, held in the CASH stablecoin and cash-outs return to it. Kalshi’s state-level restrictions apply by market category, so some markets aren’t available in every state.

Trading event contracts involves substantial risk of loss, including loss of your entire investment. Markets subject to availability in certain jurisdictions. Full disclosures: phantom.com/us-prediction-markets-disclosures. Phantom is not registered with the CFTC. Prediction markets offered by KalshiEX LLC.

About Phantom

Phantom is on a mission to connect the world to the freedom of open markets. Phantom has a community of more than 20 million people who use it to move, manage, and own their money on the internet. Built on self-custody, Phantom gives anyone one app to control their assets and trade markets that never close, from tokens and perpetuals to prediction markets. Through its in-app money suite and CASH, the first stablecoin built on Bridge and Stripe’s Open Issuance platform, Phantom turns crypto rails into everyday money. For more information, visit phantom.com.

About Kalshi

Kalshi is the first regulated prediction market in the United States, where people trade on the outcome of real-world events, from economics to elections to sports. Founded in 2018, Kalshi is the largest prediction market in the world, offering financial markets on the outcome of real-world events such as economic releases, political events, commodity prices, and more. Kalshi is the industry leader and pioneer, widely credited with legalizing prediction markets and building a safe, legal, regulated platform for millions of traders in America. To learn more, visit www.kalshi.com

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