The U.S.-regulated prediction marketplace Kalshi hired John Wang, a 23-year-old crypto entrepreneur turned social media influencer, to spearhead the company's push into digital assets.

Kalshi Names John Wang Head of Crypto in Digital Push

Wang dropped out of the University of Pennsylvania to start Armor Labs, a crypto company that was later acquired. Before joining Kalshi, he advised crypto startups and built a following on X (formerly Twitter) writing about cryptocurrency and finance topics.

Tarek Mansour
Tarek Mansour

Kalshi CEO Tarek Mansour said he discovered Wang through his social media commentary. The hire comes as the prediction platform looks to capitalize on the Trump administration's more favorable approach to cryptocurrency regulation.

"All the largest fintech companies are adopting crypto strategies as a core part of their company missions now," Wang said. His immediate focus involves creating "culturally resonant, fast moving markets that speak directly to your crypto Twitter people."

The company already started accepting crypto deposits as an alternative to traditional bank transfers and debit card payments. Mansour suggested the distinction between crypto and traditional financial companies is blurring.

"We don't really see this distinction between a crypto company and a non-crypto company," he said. "Over time, anyone who is basically moving money or anyone who's in financial services is going to be a crypto company in one way, shape or form."

Event Contracts on the Rise, Along With Controversy

Kalshi gained significant attention during the 2024 presidential election, partly because it operates as a CFTC-licensed exchange. This regulatory approval gives it an advantage over competitors like Polymarket, which runs on blockchain technology but restricts U.S. users due to regulatory concerns.

The company has notable political connections. Donald Trump Jr. serves as a strategic adviser, while board member Brian Quintenz received Trump's nomination to lead the CFTC.

In its most recent funding round, Kalshi raised $185 million at a $2 billion valuation. Notable investors included crypto-focused venture funds Paradigm and Multicoin.

The business, however, is not without controversy. Major global exchanges have recently highlighted the need to regulate, or even restrict, the tokenized equities and event contracts sector. Kalshi, together with Robinhood, which offers the provider’s products, has been regularly sued in court. The latest example came last week, when a lawsuit targeted event contracts resembling sports betting.

From Doomscrolling to Active Participation

Wang described his fascination with prediction markets dating back to discovering Augur during the 2018 crypto market downturn. He sees these platforms as transforming passive news consumption into active participation.

"My generation grew up doomscrolling, watching events unfold passively with distance and hopelessness," Wang wrote on LinkedIn. "Prediction markets flip that script. Even a small stake makes you pay closer attention, talk about it with friends, and feel invested in what happens next."

The company plans to expand its crypto offerings in the coming months, though specific details about new products remain unclear. Back in June, the company partnered with Webull, allowing U.S. retail traders to speculate on short-term cryptocurrency moves, including Bitcoin (BTC).

Source: Finance Magnates