Key Notes
- Jane Manchun Wong has caught sight of a potential prediction markets website that Coinbase is working on.
- The prediction markets will be offered by Coinbase Financial Markets, the derivatives arm of Coinbase Global, through the prediction marketplace Kalshi.
- Coinbase had once hinted at launching a prediction market in a bid to be an “everything exchange”.
A tech researcher named Jane Manchun Wong has hinted at the possibility that American cryptocurrency exchange Coinbase is working on a prediction markets website.
She shared some screenshots on X to back up this claim. The images also showed that the project will be backed by the prediction market company Kalshi.
Is Coinbase Finally Turning to an Everything Exchange?
Jane Manchun Wong, a tech researcher, shared multiple screenshots on X, noting that Coinbase is working on a prediction markets website.
Based on one of the screenshots, the supposed prediction markets website will be backed by Kalshi, which recently secured $300 million in a series D fundraiser.
Source: https://x.com/wongmjane
For more context, the new platform will be offered by Coinbase Financial Markets, the derivatives arm of Coinbase Global Inc., through the prediction market Kalshi.
Another image showed a typical prediction market interface with Coinbase’s logo. There was also an FAQ section as well as a branded guide that explained the offering.
Though no official comments have been released to substantiate the researcher’s claim, it is worth noting that Coinbase had once told CNBC of its plan to launch a prediction market.
In July, the Brian Armstrong-led crypto exchange talked about becoming an “everything exchange,” and this included rolling out a prediction market.
Back in 2024, Coinbase was one of those firms that challenged prediction market rules from the Commodity Futures Trading Commission (CFTC).
To this end, it wrote in a letter signed by its Chief Legal Officer, Paul Grewal, to the CFTC stating that the agency’s definition of gaming is too vague and unfairly limits valuable contracts for events.
Also, Coinbase truly has an active connection with Kalshi, as both entities signed to become partners on November 13. The exchange is acting as the custodian for Kalshi’s USDC-based event contracts.
Other Developments Within Coinbase’s Ecosystem
Meanwhile, Coinbase Global Inc. has officially filed to reincorporate from Delaware to Texas. It submitted its document on November 12, securing support from 78.4% of shareholders to align with the Lone Star State’s pro-crypto regulatory environment.
In addition, the cryptocurrency exchange acquired Echo, an on-chain capital raising platform, in October.
The goal is to create more accessible, efficient, and transparent capital markets, especially as founders now struggle to raise funds.
Going forward, Coinbase plans to integrate Echo’s tool suite to cater to this fundraising shortcoming.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Godfrey Benjamin on X
Source: https://www.coinspeaker.com/coinbase-working-on-prediction-markets-website-tech-researcher-says/
