BitGo Custody Crypto to Back Kalshi Prime Perps Margin Loans

The notable shift here is structural rather than directional: prediction-market perpetuals are borrowing the collateral plumbing of crypto-native lending, with a qualified custodian sitting between the trader and the exchange. That matters most for professional traders who want margin exposure without triggering a taxable or strategic sale of their Bitcoin or Ether, and it pushes Kalshi further into territory occupied by crypto derivatives venues. The open question is risk transmission — how margin calls and liquidation are handled when the collateral sits at BitGo and the loan originates from an affiliate, and whether that model draws regulatory scrutiny as prediction markets and perps converge.