Close Menu
    Bitcoin

    Election betting market Kalshi to take USDC deposits

    By No Comments3 Mins Read
    HI, Comparison US elections, woman, girl, hologram, compare, document, paper, graph, result, Kalshi, betting, US presidential election 2024, prediction markets, trump odds, harris odds, election betting

    30s Summary

    Crypto betting platform, Kalshi, will soon begin accepting deposits in USD Coin (USDC) to extend its user base. Deposits will be managed by crypto payment platform, ZeroHash. This development follows success in legally offering bets on the US election outcome. However, competitors such as Polymarket currently dominate this space. Robinhood also allows users to bet on the presidential contest between Kamala Harris and Donald Trump. As of October 28, Trump is favored to win on Polymarket and Kalshi.

    Full Article

    Kalshi is gearing up to accept deposits in USD Coin (USDC), a well-liked stablecoin, as it looks to increase its user base before the November elections in the US. This news was confirmed by the platform on October 28th.

    So, what does this mean for crypto enthusiasts? Well, in a short while, you would be able to deposit your digital currency into Kalshi! This will be done via ZeroHash, a platform for dealing with crypto payments, as reported by Fortune magazine.

    Meanwhile, there’s brewing competition among platforms where people can bet on political outcomes. Polymarket, a Web3 platform, is currently the firm favorite. But rivals, including our friend Kalshi, are working hard to even the playing field.

    There’s some history to note here. Back on October 7, Kalshi made it possible for users to bet on the outcome of the US elections. This happened after a successful legal battle in September. In fact, this was a first for any prediction market in the US! Great news, right? It sets the stage for other players to join in, including Web3 platforms like Polymarket.

    In related news on the same day, Robinhood, a platform where you can trade in both crypto and stocks, declared that certain users could now bet on who would win the Presidential race between Vice President Kamala Harris and Republican nominee Donald Trump.

    A cool $2.6 billion bets have been placed on Polymarket for the November Presidential election alone as of October 23. Whereas, on Kalshi’s primary market (you know, the one where you bet on who’s going to be the next US President), almost $87 million has been bet since its launch on October 7.

    While some government officials in the US have voiced concerns that prediction markets like Kalshi could affect the integrity of the elections, some experts in the field believe they often give a better reflection of public opinion than traditional polls.

    If we were to consider the public sentiment on both Polymarket and Kalshi, Former President Trump has a good shot at winning. As of October 28, Polymarket gives him a 62% chance, while Kalshi sets it at 66%. The November election will see Trump, who has expressed his intention to transform America into “the crypto capital of the world”, going up against Harris who has been relatively silent on crypto matters.

    In other news, Bitcoin’s (BTC) recent performance paints a very favorable picture for the digital asset as we all wait for the election results, says Matthew Sigel who leads digital assets research at VanEck. He shared his thoughts with CNBC on October 28.

    Source: Cointelegraph

    Related Posts