Originally published on: October 28, 2024
Kalshi, a leading prediction marketplace gearing up for the US November elections, is set to start accepting deposits in USD Coin (USDC), a widely used stablecoin. This move comes as the platform aims to attract more users and increase engagement in the upcoming political events.
According to a report by Fortune magazine, Kalshi will soon enable cryptocurrency deposits, with ZeroHash handling the offramping process. This development signals a step forward for the platform in the competitive landscape of political betting markets, where it faces stiff competition from industry leader Polymarket and other rivals.
Kalshi recently made headlines by listing event contracts for betting on US election outcomes after winning a crucial court battle. This marked a significant milestone as the platform became the first election prediction market allowed to operate in the US, paving the way for similar platforms like Polymarket to enter the market.
The upcoming presidential election has sparked significant interest and speculation among users, with platforms like Polymarket seeing billions of dollars wagered on the outcome. Kalshi’s flagship market, “Who will win the Presidential election?” has already seen substantial betting volume, reaching nearly $87 million since its launch in early October.
While US regulators have expressed concerns about the impact of prediction markets on election integrity, industry analysts argue that these platforms often provide a more accurate reflection of public sentiment than traditional polls. In a recent survey by Gemini, three out of four crypto owners indicated that a candidate’s stance on cryptocurrency policy would influence their voting decisions.
With former President Trump currently favored to win the presidency according to platforms like Polymarket and Kalshi, the November election is generating significant interest among investors. Amidst this excitement, Bitcoin’s performance is being closely watched, with experts like Matthew Sigel from VanEck suggesting a bullish outlook for the digital asset as the election approaches.
As the political betting landscape continues to evolve, platforms like Kalshi are playing a key role in shaping the future of election prediction markets. Stay tuned for more updates on the latest trends and developments in the blockchain and crypto space by subscribing to our Crypto Biz newsletter.
