Coinbase announced the development of a prediction‑markets platform that will run on Kalshi’s CFTC‑regulated infrastructure, a disclosure that surfaced in leaked screenshots on November 19, 2025. The move marks a significant expansion of Coinbase’s product suite beyond spot and derivatives trading.
The platform will allow users to trade event contracts settled in USDC or USD across a broad spectrum of categories, including politics, sports, economics, science, and technology. Early examples of contracts that could appear on the exchange include a bet on the outcome of the 2026 U.S. midterm elections, the winner of the 2024 FIFA World Cup, and the 2025 U.S. inflation rate. Coinbase expects the platform to launch in the fourth quarter of 2025, with a phased rollout that will begin with a limited set of high‑volume markets.
Strategically, the partnership gives Coinbase a compliant, transparent market that meets U.S. securities regulations while leveraging Kalshi’s existing liquidity base. By embedding the platform within its existing exchange infrastructure, Coinbase can offer regulated event‑based betting without the regulatory uncertainty that has plagued unregulated platforms. This regulatory advantage is expected to accelerate user adoption and reduce compliance costs.
Management estimates that the prediction‑markets platform could generate up to $200 million in annual revenue by 2026, driven by cross‑sell opportunities to Coinbase’s existing crypto and derivatives user base and by attracting institutional investors seeking regulated exposure to event outcomes. The platform also aligns with Coinbase’s broader “everything exchange” vision, positioning the company as a one‑stop shop for a wide array of financial products.
The prediction‑market space is already crowded, with rivals such as Crypto.com and Gemini developing similar offerings. Coinbase’s partnership with Kalshi gives it a distinct advantage: a fully regulated framework and a deeper liquidity pool. Analysts view the move as a way for Coinbase to capture a share of the growing prediction‑market market, which has seen record volumes on platforms like Kalshi and Polymarket.
VP of Product Max Branzburg said the platform “brings all assets on‑chain” and CEO Brian Armstrong reiterated the company’s commitment to expanding beyond cryptocurrency into new asset classes. The comments underscore Coinbase’s intent to deepen its role as a comprehensive financial services platform.
The launch of the prediction‑markets platform is poised to reshape the prediction‑market landscape, offering users a regulated, transparent, and integrated experience that could drive significant new revenue and broaden Coinbase’s market reach.
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