Cryptocurrency platform, Kalshi, broadens its selection to include Solana assets.
U.S-based prediction market operator Kalshi Now Accepts Solana for User Deposits
Kalshi, a CFTC-regulated exchange offering prediction markets for real-world event outcomes, has expanded its cryptocurrency deposit options to include Solana (SOL). According to the company's help center, this move allows users to access their funds instantly, enabling them to start trading immediately, with deposits available for trading within minutes. A higher limit of up to $500,000 per transaction is offered for crypto deposits compared to traditional methods.
Previously, Kalshi only supported USD Coin (USDC) for cryptocurrency deposits. With the addition of Solana, the company expands its cryptocurrency deposit possibilities, an advantage currently unavailable to iGaming and online sportsbook operators. Kalshi also accepts RLUSD, WLD, BTC, and XRP.
The inclusion of Solana is expected to bolster Kalshi's financial standing, as Solana is the sixth-largest cryptocurrency by market capitalization. Over the past week, Solana has seen a nearly 6% increase and rose 1% on the day of Kalshi's announcement.
First launched in 2020 by Solana Labs, a company founded in 2018 by Anatoly Yakovenko and Raj Gokal, Solana operates on a proof-of-stake consensus model. It is recognized as a potential prominent alternative to Ethereum, one of the world's leading cryptocurrencies. In addition to its presence in the crypto world, Solana has begun exploring opportunities in the mobile phone sector. The Solana network plans to launch its second-generation Android smartphone, the Solana Seeker, later this year, incorporating features from the earlier Solana Sage model.
Kalshi, while growing rapidly in recent months, might benefit from increased participation in sports markets to further diversify its revenue streams. However, potential reliance on sports data could represent a potential weakness for the company.
- The expansion of Kalshi's cryptocurrency deposit options to include Solana (SOL) might attract online sportsbook operators, as they currently lack such features.
- The financial standing of Kalshi could potentially improve with Solana's inclusion, given Solana's position as the sixth-largest cryptocurrency by market capitalization, and its growth in the technology sector, such as the planned launch of its second-generation Android smartphone, the Solana Seeker.
