The app has risen to the No. 1 spot in the Apple App Store “Finance” category, displacing longtime incumbent Cash App.
Tarek Mansour, CEO of the financial exchange and prediction market Kalshi, has seen significant growth in his company during the build up to the 2024 Presidential Election.
Mansour said the “demand curve is truly exponential” regarding his company’s popularity explosion. He also mentioned that Kalshi has reached the top 10 of the App Store-wide rankings, with the app hitting No. 7 at the time of writing. The U.S. Election has been crucial in Kalshi reaching a “critical mass” of people using the platform. Mansour believes the influx of customers using the trading platform will continue driving its growth and success following the November elections.
Effectively, event contracts allow customers to place money on whether a specific event will happen, paying based on the likelihood of that event occurring. For example, for the 2024 Presidential Election, there are markets for Donald Trump or Kamala Harris to win the election.
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