Kalshi Expands Crypto Options with Solana

Prediction markets operator Kalshi is now accepting Solana (SOL) as a deposit option for funding user accounts, the US company recently announced.

Solana Is Now Available for Kalshi Users

According to the Kalshi help center, users can now instantly access their funds, allowing them to start trading right away. This eliminates the typical delays associated with traditional banking methods as all successful deposits will be available for trading within minutes, according to Kalshi. The company also highlights that customers using crypto deposits can fund their accounts with up to $500,000 in a single transaction, which is a higher limit than what’s typically offered through traditional deposit methods.

The CFTC-regulated exchange and prediction market, which allows users to trade on real-world event outcomes, initially supported only USD Coin (USDC) for cryptocurrency deposits. With the addition of Solana, Kalshi would be able to increase the number of deposits in cryptocurrency, which is something that iGaming and online sportsbook operators can’t yet enjoy. The company also uses the RLUSD, WLD, BTC, and XRP. 

Now, with Solana’s addition, it could be argued that Kalshi will enjoy further growth in the future. The company has seen many successes over the past months, but Kalshi might need sports markets more than they need it, as reliance on sports data could be its weakness.

What Exactly Is Solana?

Despite Kalshi potentially having some weaknesses, the fact that it has now added Solana to its offerings arguably makes the company’s financial posture much stronger. Solana is the sixth-largest cryptocurrency by market capitalization. Solana has gained nearly 6% over the past week and was up 1% on the day of Kalshi’s announcement. 

Solana was launched in 2020 by Solana Labs, a company founded in 2018 by Anatoly Yakovenko and Raj Gokal. According to its white paper, Solana operates on a proof-of-stake consensus model. Both The New York Times and Financial Times have described it as a prominent alternative to Ethereum, one of the world’s leading cryptocurrencies.

Furthermore, Solana is widely recognized as the blockchain behind many memecoins, which often draw inspiration from internet memes, politics, and pop culture. These often require traders to use Solana wallets to engage with these highly speculative tokens. Many popular celebrities and public figures have used the Solana platform to launch their own memecoins. This includes US President Donald Trump’s $TRUMP coin, which was launched last month and was already used by some large iGaming and sportsbook operators such as Rivalry.

Aside from the crypto world, Solana is also dabbling in other tech sectors, most notably the mobile phone one. The Solana network is gearing up to launch its second-generation Android smartphone later this year. Reports indicate that the new device, called the Solana Seeker, will incorporate features from the earlier Solana Sage model. The phone is scheduled to go live and begin shipping on August 4, 2025.