Kalshi Enters Crypto Market with Perpetual Futures, Challenging Coinbase and Robinhood

Kalshi, a US-based prediction markets platform, is set to launch cryptocurrency trading, marking a significant expansion of its services beyond prediction markets, according to a report by The Information. The platform plans to introduce perpetual futures contracts tied to cryptocurrencies such as Bitcoin. Perpetual futures are a type of derivative that enables traders to speculate on asset prices without owning the underlying asset and without a fixed expiration date. This move positions Kalshi in direct competition with major crypto platforms like Coinbase, which has been expanding its derivatives and prediction market offerings. Kalshi's expansion is facilitated by its existing licenses from the Commodity Futures Trading Commission (CFTC) and recent approval for margin trading. The company is expected to start with crypto-linked perpetuals and may extend this model to other asset classes in the future. This development reflects the increasing overlap between prediction markets and crypto trading platforms, with both competing for the same user base. As the regulatory landscape in the US evolves, Kalshi is poised to capture demand that has traditionally been served by offshore venues.