Kalshi Enters Crypto Perpetual Futures Market, Challenging Coinbase and Robinhood

According to a report by The Information, Kalshi is set to launch crypto trading in the US, marking a significant expansion beyond its core prediction markets business as competition intensifies across both sectors. The platform plans to introduce perpetual futures tied to crypto tokens such as bitcoin, allowing traders to bet on asset prices without ownership or fixed expiration dates. This move positions Kalshi in direct competition with crypto platforms like Coinbase, which has been expanding its derivatives and prediction market offerings but does not yet offer true perpetual futures in the US. Kalshi's expansion is timely, given the shifting regulatory conditions in the US that are opening doors for products that have largely been traded offshore. With multiple licenses from the Commodity Futures Trading Commission (CFTC) and recent approval for margin trading, Kalshi is well-positioned to enter the derivatives market. The firm is expected to start with crypto-linked perpetuals but may extend this model to other asset classes over time. This development reflects the growing overlap between prediction markets and crypto trading platforms, which are increasingly vying for the same users. As major crypto exchanges introduce prediction market products and crypto trading volumes decline, platforms like Kalshi are broadening their offerings to compete for a shared base of traders.