Kalshi's Head of Crypto on Why Prediction Markets Are Going Mainstream

Summary

John Wang, Head of Crypto at Kalshi, discusses the platform's growth from a niche prediction market to a mainstream venue. He highlights the World Cup's onboarding effect, crypto becoming the second-largest market, and political event contracts like the CLARITY Act. Wang also details the launch of Kalshi's CFTC-regulated crypto perpetuals exchange and the rapid adoption of its trading and API tools.

• Kalshi reached a $40 billion valuation and crypto is now its second-largest market.
• Sports and the World Cup drove prediction market onboarding and hedging by businesses.
• The CLARITY Act contract is trading around 30% passage odds, with large block and OTC activity.
• Kalshi launched the first CFTC-regulated crypto perpetuals exchange in the US.
• Perps volume reached about $1 billion in the first week and $5 billion in the first month.
• Kalshi is adding risk tools, social features, and API access for agentic trading.