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.
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.”
https://t.co/UlBelqpDXA
— John Wang (@j0hnwang) August 25, 2025
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).
This article was written by Damian Chmiel at www.financemagnates.com.
Source link
