Key Takeaways:
- USDC Deposits: Kalshi will now accept USDC deposits, managed by ZeroHash, to attract more users ahead of the November elections.
- Competitive Market: Platforms like Polymarket lead in political betting as Kalshi and others introduce new features to capture user interest.
- Market Milestones: Kalshi’s election market has reached nearly $87M in volume since early October, with odds currently favoring Donald Trump over Kamala Harris.
Election betting platform Kalshi has announced it will allow USD Coin (USDC) deposits, aiming to attract users seeking crypto payment options as the November elections approach.
Using ZeroHash for payment management, Kalshi enters a competitive market dominated by crypto-native Polymarket, which currently holds a significant lead.
We are pleased to share that @Kalshi , the first CFTC regulated exchange dedicated to trading the outcome of future events, is leveraging the Zero Hash #USDC “Account Funding” solutionhttps://t.co/pLeHu3ShTB pic.twitter.com/mVK6QmUgGc
— Zero Hash (@ZeroHashX) October 28, 2024
This move follows an October court ruling allowing Kalshi to offer sanctioned betting on U.S. elections, potentially paving the way for other Web3 platforms like Polymarket to expand.
Kalshi’s top market, “Who will win the Presidential election?” has already amassed $87 million in volume since its launch, highlighting growing user engagement.
USDC deposits are LIVE! 100k limit💰 https://t.co/JWehpV3q9o
— Kalshi (@Kalshi) October 28, 2024
Additionally, Robinhood recently introduced election betting contracts for select users, further fueling interest in political betting.
Data from Polymarket shows over $2.6 billion wagered on the election, underscoring public interest.
Notably, both Kalshi and Polymarket currently favor former President Trump, who supports crypto-friendly policies, over Vice President Kamala Harris.
A recent Gemini report indicates that crypto policy stances will influence the votes of 75% of crypto holders in the upcoming election.
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