Phantom, a crypto wallet provider, has launched prediction markets for eligible US users through an integration with Kalshi, a CFTC-regulated event contract platform. The new service allows users to trade on crypto prices, sports outcomes, and other real-world events directly within Phantom’s app via a new Predict tab.
Kalshi handled customer verification, account management, and trade execution. Phantom provides app access and infrastructure. Trades are funded by Phantom Cash balances, denominated in a CASH stablecoin.
The CFTC granted Phantom no-action relief in March, permitting the wallet to connect users to regulated markets without registering as an introducing broker. The relief came with certain conditions. On Monday before the Oct. 28 announcement, the CFTC sued Utah over Kalshi’s event contracts, after the state challenged them under gambling laws.
Kalshi recorded $10.8 billion in crypto contract volume over the 30 days ending Oct. 27, 2026, a 19.6% increase from the prior 30-day period. The platform offers short-term Bitcoin price markets that settle every 15 minutes. Users can view live market data, sports scores, and market discussions before executing trades.
Service availability varies by state and market category. The CFTC lawsuit against Utah suggests federal derivatives regulation may supersede state gambling prohibitions, though legal uncertainty persists in the US prediction market space.
