Kalshi has started accepting USDC deposits as the prediction platform strives to attract users ahead of the November election in the United States.
This information was confirmed by the platform on October 28.
Crypto deposits will be activated in the coming period, with the withdrawal process managed by ZeroHash, a cryptocurrency payment platform, according to a Fortune report.
The race between major political betting platforms is becoming increasingly fierce, with Web3's Polymarket taking the lead and competitors like Kalshi striving to catch up.
On October 7, Kalshi listed contracts for betting on the results of the U.S. election after winning an important legal case in September. This is the first time a prediction market for U.S. elections has been allowed to operate, creating an opportunity for other platforms like Polymarket to enter the game.
On the same day, October 28, Robinhood - the cryptocurrency and stock trading platform - also announced that it would offer betting contracts to some users, allowing them to predict the outcome of the presidential election between Vice President Kamala Harris and Republican candidate Donald Trump.
As of October 23, Polymarket had recorded about $2.6 billion being bet on the outcome of the November presidential election. Meanwhile, Kalshi's main betting market with the question "Who will win the presidential election?" has attracted nearly $87 million since its launch on October 7, according to the platform's website.
U.S. regulators are concerned that prediction markets like Kalshi could affect the transparency of elections. However, many experts argue that these markets often reflect public sentiment more accurately than traditional polls.
Former President Trump is estimated to have a high chance of winning, with estimated odds of 62% on Polymarket and 66% on Kalshi as of October 28.
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The article Kalshi's election betting market accepts USDC first appeared on CoinMoi.
