Coinbase is developing a prediction markets website backed by Kalshi, according to screenshots uncovered by tech researcher Jane Manchun Wong.

Wong posted images on X showing what appears to be a fully designed prediction markets interface branded with Coinbase's logo. The screenshots indicate the platform will be operated by Coinbase Financial Markets, the exchange's derivatives division, through a partnership with Kalshi.

Coinbase Reportedly Builds Kalshi-Backed Prediction Markets Platform

There were indications as early as August that Coinbase might be working on a platform combining two of the most talked-about themes in recent months: tokenized stocks and prediction markets. At the time, Max Branzburg, Coinbase’s vice president of product, hinted in a CNBC interview that the company was exploring these new offerings.

“We’re building an exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for everything,” Branzburg said. “We’re bringing all assets on-chain, stocks, prediction markets, and more.” Apart from that remark, the company has not provided further details about the initiative.

FinanceMagnates.com reached out to Coinbase for comment, but had not received a response by the time of publication. Given the current market momentum, however, such a move would not be out of the question.

Especially, Coinbase already serves as custodian for Kalshi's USDC reserves, a relationship formalized on November 13. Under that arrangement, Coinbase Custody holds the stablecoin backing Kalshi's event-based contracts.

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The custody deal provides cold storage, segregated accounts, and institutional-grade security for trader funds. Kalshi selected Coinbase for its compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term standards and monitoring infrastructure, which the prediction market operator said would strengthen trust in event trading.

Platform Details Surface

The leaked images show the Coinbase prediction markets will accept both USDC and US dollars. Markets are expected to cover economics, sports, science, politics, and technology, with regular additions planned.

“Coinbase is working on a prediction market,” Wong wrote, adding screenshots of what is allegedly a new platform the exchange is preparing.

Wong has a track record of discovering unreleased features by examining public source code on platforms including Facebook, Instagram, and X. Her 2017 findings included Instagram's time-tracking dashboard and Twitter's conversation subscription tool, both later confirmed by the companies.

Racing to Capture Market Momentum

Trading volumes on prediction markets surged in recent months. Kalshi recorded $4.4 billion in October volume, its highest monthly total, while Polymarket hit $3.02 billion the same month.

Crypto.com recently launched a prediction markets platform set to integrate with Trump Media. Gemini filed with the Commodity Futures Trading Commission this month to become a designated contract market, aiming to add prediction markets to a planned “super app.”