Kalshi Adds Solana to Roster of Cryptos for Deposits

Kalshi Adds Solana to Roster of Cryptos for Deposits

Prediction markets operator Kalshi announced on Friday that clients can now deposit funds using Solana, which becomes the sixth cryptocurrency accepted on the platform. 

The firm shared the news in a post on X (previously Twitter), highlighting it as a continuation of its collaboration with Zero Hash. Competitor Polymarket has permitted users to deposit funds using Solana since March. Solana adds to Bitcoin, XRP, Worldcoin (WLD), Ripple USD (RLUSD), and the stablecoin USDC as the digital currencies available for Kalshi clients to fund their accounts. 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 then Kalshi Help Center. “All successful deposits will be able to be traded in just minutes!”

The company additionally notes that clients choosing crypto deposits can finance accounts with up to $500,000 in a single transaction, exceeding the limits found in conventional deposit methods. 

Reasons Kalshi/Solana News is Important 

Prediction market operators delving further into the cryptocurrency arena indicates that these firms are leveraging yet 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's nothing stopping these companies from accepting cryptocurrency deposits—advantages not available to traditional iGaming and online sportsbook operators. 

Certain gaming firms have indicated a readiness to accept crypto deposits from players, yet they don’t actively pursue this option due to the anticipated opposition from state regulators. This might suggest that gaming companies may hesitate to or be prohibited from partnering with firms in other 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,” noted deVere Group CEO Nigel Green.

Solana Known to Numerous in Sports Wagering Sector 

As of this date on Sunday, May 25, Solana ranks as the sixth-largest cryptocurrency by market cap, indicating that four of the top 10 can now be used to fund Kalshi accounts. Solana is securely in sixth place ahead of USDC and is close to BNB for the fifth position. 

Solana is recognized as the cryptocurrency underpinning numerous memecoins, necessitating that traders possess Solana wallets to engage in the speculative transactions involving coins inspired by internet memes, politics, and pop culture. 

Some sports bettors recognize the digital currency as figures linked to the industry, like David Portnoy and “Hawk Tuah Girl” Hailey Welch, have introduced memecoins.