Kalshi Adds Solana to Roster of Cryptos for Deposits
Kalshi, the operator of prediction markets, announced on Friday that clients can now deposit funds using Solana, marking it as the sixth cryptocurrency supported on the platform.
The firm disclosed the news in a post on X (previously Twitter), highlighting it as a continuation of its collaboration with Zero Hash. Competitor Polymarket has permitted clients to fund accounts with Solana since March. Solana is now included with Bitcoin, XRP, Worldcoin (WLD), Ripple USD (RLUSD), and the stablecoin USDC as the digital currencies available for Kalshi clients to use for account funding. The prediction markets company points out several benefits related to cryptocurrency deposits.
"Depositing with crypto on Kalshi allows for immediate access to your funds, enabling you to participate in trades without any delay that usually occurs with traditional banking methods,” according to the Kalshi Help Center. “All successful deposits will be able to be traded in just minutes!”
The firm highlights that clients choosing crypto deposits can credit accounts with up to $500,000 in a single transaction, surpassing the limits offered by conventional deposit methods.
Importance of Kalshi/Solana News
Prediction market operators delving further into the cryptocurrency sector indicates these firms are leveraging another edge they possess over conventional sportsbook operators.
Although courts may influence the situation, Kashi, PredictIt, and similar platforms can presently function in all 50 states, and there are no restrictions preventing them from accepting cryptocurrency deposits—benefits that typical iGaming and online sportsbook operators do not have.
Certain gaming firms have indicated a readiness to accept cryptocurrency deposits from players, but they don't actively pursue this option due to the anticipated opposition from state regulators. This might also suggest that gaming companies may hesitate to or be prohibited from collaborating with others in various sectors that are progressively adopting bitcoin as a substitute for cash reserves.
“Bitcoin’s current rally has also been fueled by corporate treasuries deepening their exposure. Since the start of the year, publicly listed firms have expanded their holdings by 31%, now controlling around $349 billion worth of Bitcoin—approximately 15% of total supply, according to Bitcoin Treasuries,” notes deVere Group CEO Nigel Green.
Solana Known to Numerous in Sports Wagering Realm
As of this date, Sunday, May 25, Solana ranks as the sixth-largest cryptocurrency by market cap, indicating that four of the top 10 can now fund Kalshi accounts. Solana is solidly leading USDC for the sixth position and is close to BNB for the fifth rank.
Solana is well-recognized as the cryptocurrency that numerous memecoins rely on, indicating that traders typically need Solana wallets to engage in the speculative coins derived from internet memes, politics, and pop culture.
The digital currency is recognized by certain sports gamblers as some individuals connected to the industry, like David Portnoy and “Hawk Tuah Girl” Hailey Welch, have introduced memecoins.