The prediction market platform Kalshi has hired digital asset influencer John Wang as the head of cryptocurrency, with the CEO calling this move a 'bet on the future.'
In a notice on Monday, Kalshi's CEO Tarek Mansour announced that the company hired 23-year-old internet celebrity Wang, who dropped out of the University of Pennsylvania to pursue a career in cryptocurrency. On his LinkedIn, Wang is recorded as a researcher at Paradigm and an intern at Immutable, and he co-founded the blockchain security company Armor Labs in 2022.
When Wang took office, U.S. lawmakers were considering nominating Brian Quintenz as the chairman of the Commodity Futures Trading Commission (CFTC), which has regulatory authority over Kalshi.
Although the CFTC had initiated enforcement action against Kalshi during the Biden administration, this case was dismissed during President Trump's term.
Political motivation for election betting provided by the platform?
Wang pointed out that prediction markets can allow people to be more engaged in politics, finance, and culture. He stated that although he cannot vote in the U.S. elections, prediction markets have changed his feelings.
Kalshi launched in 2021, with activity surging ahead of the 2024 elections. Although the CFTC attempted to prevent Kalshi from listing political event contracts, the court ruled that the platform could engage in such betting.
Kalshi completed a $185 million funding round in June, with the company valued at $2 billion. This funding and Wang's appointment are part of the platform's efforts to announce the acceptance of Bitcoin (BTC) deposits to attract more crypto users.
