Coinbase rumoured to be launching Kalshi-powered prediction market

The crypto exchange is looking to expand into the world of prediction markets with an announcement expected next week.

The largest crypto exchange in the world, CoinBase, is set to dip its toe in the world of prediction markets with the help of Kalshi, according to CNBC.  

It is anticipated that a Kalshi-powered prediction market will be unveiled next week, on December 17, as part of the next system update. Coinbase has not confirmed the reports but urged stakeholders to take note of its next update. 

Back in October, Kalshi confirmed it was looking to expand into crypto applications, and it looks like Coinbase will be the first one. Beating rival Polymarket to the punch.  

The "Everything Exchange"

This is part of the Coinbase strategy to become the "Everything Exchange" as it looks to expand into areas such as stocks and event contracts. 

A strategy Kalshi could also be said to adopt, as they have recently launched products that rival sports betting sites as well as branching off into partnerships with major news sites. 

Coinbase are not the only operator this week, seemingly with an intention of entering the world of prediction markets. Earlier this week, Matchbook confirmed they were launching the first UK-focussed prediction market as a tester towards a US expansion. 

Last month, Coinbase were in the news regarding prediction markets after CEO Brian Armstrong jokingly highlighted the vulnerability of some of the markets by reading out some words he was predicted to say in a Polymarket market.