Kalshi Prediction Market is expanding into cryptocurrency trading by offering perpetual futures trading on its platform.
Perpetual futures trading allows investors to buy and sell derivative contracts that track the price of an asset, such as a stock or cryptocurrency.
The move puts Kalshi in direct competition with US exchanges such as Coinbase Global (NASDAQ: $COIN).
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Kalshi will enter the cryptocurrency market by offering perpetual futures on cryptocurrencies such as Bitcoin (CRYPTO: $BTC).
Cryptocurrency perpetual contracts are largely out of reach for U.S. traders and are considered a risky commodity popular on foreign exchanges like Binance.
Along with its main rival Polymarket, Kalshi dominates the fast-growing industry of prediction markets that allow people to bet on the outcomes of real-world events.
Wall Street broker Bernstein recently forecast that prediction market volumes will grow from around $50 billion last year to $1 trillion in 2030.
Kalshi reportedly wants to capture cryptocurrency trading market share from exchanges like Coinbase Global and Binance.
In March this year, Kalshi raised over US$1 billion at a valuation of US$22 billion. There are rumors that Kalshi is planning to hold its initial public offering (IPO) this year or in 2027.
Currently, Kalshi is a private company and its shares are not listed on a public stock exchange.