Phantom now allows verified US users to trade Kalshi event contracts on politics, sports, the economy and crypto directly from its app. The integration, announced in December 2025, exposes Kalshi’s markets to roughly 20 million Phantom wallet users and features real-time odds, settlement notifications and a community chat. Trading requires a linked Kalshi account, identity verification and a US phone number, while funds remain with Kalshi separately from assets held in the Phantom wallet. After June 2026, Phantom plans to replace Kalshi’s infrastructure with another provider to enable automatic on-chain settlements. These operations are being challenged by several states, including Utah, which sued Kalshi on October 20, 2026, alleging illegal gambling, despite the platform’s CFTC registration and billions in trading activity.
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