Kalshi expands global reach with Zero Hash's USDC Account Funding product
CHICAGO, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Kalshi, the first CFTC regulated exchange dedicated to trading the outcome of future events, has partnered with Zero Hash, the leading crypto and stablecoin infrastructure platform. Kalshi is leveraging the Zero Hash "Account Funding” solution that allows investors to use their USDC to seamlessly fund into and out of their Kalshi account. Kalshi now offers a truly frictionless funding method, providing accessible funding rails to their user base. These transactions allow Kalshi customer accounts to be funded in near real-time, 24/7/365, unlocking instant trading power.
Kalshi is backed by Sequoia, Y Combinator, Charles Schwab, Henry Kravis, Neo, SV Angel, and others. In 2020, Kalshi achieved a significant milestone by becoming the first regulated financial exchange approved by the Commodity Futures Trading Commission (CFTC) to offer event contracts. Kalshi also prevailed in its bid to list political contracts (including the upcoming US election on Tuesday, November 5th 2024) on its trading platform. "Election markets are now legal in the United States," said Kalshi cofounder Luana Lopes Lara.
Kalshi is democratizing access to trading future events. Stablecoins, a universal rail to send and receive payments globally, and that processed $8.5 trillion in volume in Q2 2024 vs. $3.9 trillion in Visa transaction volume (a16z: State of Crypto Report 2024), is perfectly aligned with Kalshi's mission to simplify access to trading futures.
Zero Hash's "Account Funding” flow allows Kalshi's customers to deposit in stablecoins, but receive a fiat settlement. Kalshi has embedded Zero Hash's funding widget that is customized to match the Kalshi UX and never touches crypto or stablecoins in the flow of funds. The Zero Hash product is simple to integrate via an SDK and has enabled Kalshi to launch the product efficiently in approximately 10 days.
"Kalshi's vision is to allow people globally to capitalize on their opinion, and trade in the domain of everyday life. Zero Hash's "Fund” product has this same inherent DNA; we can now offer anyone, anywhere a simple and globally accessible payment rail to fund their Kalshi account, and trade future events 24/7/365,” said Tarek Mansour, Co-Founder and CEO of Kalshi. "Zero Hash's SDK technology radically reduced our time to market, and their infrastructure seamlessly converts USDC into USD, abstracting the technical and regulatory complexities. We can simply continue to operate in fiat, but absorb the value of stablecoins.”
"We are delighted that Kalshi is using Zero Hash's "Account Funding” features to deliver real utility to the trading market. Zero Hash's embeddable technology allows Kalshi to unlock access to customers and enable them to use their USDC-enabled Zero Hash account to seamlessly fund their Kalshi account,” said Edward Woodford, Founder and CEO of Zero Hash. "The futures trading market moves fast and is a 24/7 business, yet traditional funding methods are constrained by banking opening hours and it can take up to 3 or 4 days to fund an account. By using Zero Hash's "Account Fund”, Kalshi can offer a 24/7/365 mechanism to fund an account, enabling their customers to capitalize on market opportunities.”
About Kalshi
Kalshi is the first CFTC regulated exchange dedicated to trading on the outcome of future events. From inflation, to fed rates, to unemployment, to the government shutdown, Kalshi allows people to trade on a broad range of topics. We've developed a new asset class, event contracts, where you can buy Yes or No positions with respect to whether an event will happen or not.
Everyone faces different risks: inflation, extreme weather, mortgage rates, Supreme Court decisions, student debt, and more. Kalshi's vision is to allow people to capitalize on their opinion, trade in the domain of everyday, and hedge risks that relate to them.
Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara. Kalshi was part of Y Combinator's Winter 2019 batch. In 2019 we launched our Beta app. Then, in 2020, Kalshi achieved a significant milestone by becoming the first regulated financial exchange approved by the Commodity Futures Trading Commission (CFTC) to offer event contracts.
We make money the way most exchanges do: we take a small fee on each transaction on our platform (none of the weird order flow or other stuff).
Kalshi is backed by Sequoia, Y Combinator, Charles "Chuck” Schwab, Henry Kravis, Neo, SV Angel, and others.
About Zero Hash
Zero Hash is a B2B2C crypto-as-a-service infrastructure platform that allows any platform to embed digital assets natively into their own customer experience quickly and easily through a matter of API endpoints. Zero Hash's turnkey solution handles the entire backend complexity and regulatory licensing required to offer crypto products.
Zero Hash Holdings, through its subsidiaries, powers neo-banks, broker-dealers, payment groups as well as non-financial brands to offer crypto and stablecoin powered products.
Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.
Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.
Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. This registration enables Zero Hash to offer its crypto services in Australia. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services. Zero Hash Australia Pty Ltd.'s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW - 1212).
Connect with Zero Hash
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Zero Hash Contact
Shaun O'keeffe
(855) 744-7333
Zero Hash Disclosures
Zero Hash services and product offerings may not be available in all jurisdictions, including New York. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash's technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash is not registered with the SEC or FINRA. Zero Hash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of customers.
Kalshi Disclosures
Restrictions and eligibility requirements apply. Event contracts trading involves significant risk and is not appropriate for everyone. Please carefully consider if it's appropriate for you in light of your personal financial circumstances.
