Pyth Network (PYTH) announced a strategic partnership with Kalshi, the United States' first federally regulated event exchange platform.
Under this collaboration, Kalshi's prediction market data will be streamed in real-time to over 100 blockchains via the Pyth network. This will enable the first on-chain publication of curated event data at scale, enabling developers, institutions, and protocols to develop new financial applications based on future probabilities, according to the press release.
Following this development, there was a jump in the PYTH price.
Mike Cahill, CEO of Pyth, commented on the partnership: “Prediction markets, which gained prominence during the 2024 US presidential election, have become powerful tools for converting future expectations into real-time prices. This partnership with Kalshi reinforces our vision of building the world's most comprehensive and resilient financial data ecosystem. We are proud to be the first enterprise data provider to offer prediction market data on-chain.”
Kalshi stands out as the leading event exchange regulated by the Commodity Futures Trading Commission (CFTC) in the U.S. The company recently raised $300 million at a $5 billion valuation and expanded to 140 countries.