预测市场平台 Kalshi Inc. 将在与数字资产托管商 BitGo Holdings Inc. 达成的新安排下，允许部分客户使用加密货币作为抵押品，进行杠杆永续期货交易。
Prediction markets platform Kalshi Inc. will offer some clients the ability to post collateral for leveraged perpetual-futures trades using cryptocurrencies, under a new arrangement with digital-asset custodian BitGo Holdings Inc.
该公司周三在一份声明中表示，Kalshi Prime（该公司在美国注册的期货佣金商）的客户将能够以存放在 BitGo 的数字资产为抵押借款，并将所得资金用于为在 Kalshi 主交易所交易的期货提供保证金。
Customers of Kalshi Prime, the company’s US-registered futures commission merchant, will be able to borrow against digital assets held at BitGo and use the proceeds to fund margin positions on futures traded on Kalshi’s main exchange, the company said in a statement on Wednesday.
在三方抵押品管理结构下，通常涉及三方：借款人、贷款人和处理抵押品的代理人。贷款将由 Kalshi Katalyst（Kalshi Prime 的放贷关联公司）提供，并以存放在 BitGo Bank & Trust 的资产作为担保。
Under a tri-party collateral management structure, there are typically three parties involved: a borrower, a lender, and an agent who handles the collateral. The loans will be provided by Kalshi Katalyst, a lending affiliate of Kalshi Prime, and secured against assets deposited at BitGo Bank & Trust.
Kalshi Prime 首席执行官 Jeff Bandman 在接受采访时表示，可用于抵押贷款的加密货币将包括比特币、以太坊，或被视为符合《天才法案》（Genius Act）要求的稳定币。预计其他托管商将在适当时候加入 Kalshi 的网络。
Cryptocurrencies eligible for use against the loans will include Bitcoin, Ether or stablecoins considered compliant with the Genius Act, Kalshi Prime Chief Executive Officer Jeff Bandman said in an interview. Other custodians are expected to be added to Kalshi’s network in due course.
Bandman 表示：“我们想做的是让客户能够继续持有加密货币。”他举了例子，比如不愿卖出比特币持仓的投资者，或依靠美元稳定币开展业务运营的拉丁美洲公司。
“What we wanted to do was make it possible for customers to stay in crypto,” Bandman said, citing examples such as investors who’d prefer not to exit their Bitcoin holdings or a Latin American company that relies on US-dollar stablecoins for its business operations.
Kalshi 今年早些时候开始提供与黄金、白银和加密货币挂钩的永续期货——即没有到期日的期货合约。该公司还寻求监管机构许可，上市与石油以及美国股票挂钩的永续式产品。其清算所 Kalshi Klear 上月向美国商品期货交易委员会（CFTC）申请，为部分事件合约提供保证金交易。
Kalshi began offering perpetual futures — futures contracts that have no expiry date — tied to gold, silver and cryptocurrencies earlier this year. It’s also sought permission from regulators to list perpetual-style products tied to oil, as well as US stocks. Kalshi Klear, its clearinghouse, applied to the US Commodity Futures Trading Commission to offer margin on select event contracts last month.
Bandman表示，这一举措可能会让 Kalshi 对那些专注于加密货币交易的机构以及拥有大量数字资产的大型投资者（即“加密货币巨头”）更具吸引力。这些投资者属于加密货币市场的核心群体；与美国交易所相比，总部位于海外的 Polymarket（一个基于区块链技术的交易所）在吸引这类投资者方面可能具有结构性优势。
The move could make Kalshi more attractive to crypto-native trading firms and “whales,” Bandman said, referring to individuals with large digital-asset holdings. Those traders represent a slice of the market where the US exchange may have a structural disadvantage compared to rival Polymarket, an offshore exchange that runs on blockchain.
Bandman进一步解释道：“我开发这个平台，主要是考虑到那些活跃在加密货币市场中的用户——他们可能已经在一些不受监管的海外市场进行永续期货交易了。这原本就是我设想的目标用户群体。但现在，随着平台功能的不断完善，我们惊喜地发现还有许多其他新的使用场景不断涌现出来。”
“I built this because I was thinking about digitally native customers who are active and who might already be trading perpetual futures in some of the unregulated offshore markets,” Bandman added. “That was kind of the audience that I was envisioning, but now that we’ve built it, what’s fascinating is hearing these other use cases come out of the woodwork.”