Coinbase Rolls Out Kalshi-Powered Prediction Markets Across United States
Coinbase has launched a prediction market platform, now available to U.S. users in all 50 states. This service lets users wager on outcomes in sports, culture, politics, and crypto, utilizing contracts from Kalshi, a major prediction market provider. Users can place bets using cash or USDC stablecoin from their Coinbase accounts. The move follows the surge in prediction market activity, especially from Kalshi and Polymarket, which together saw billions in weekly trades and valuations exceeding $20 billion combined. Coinbase joins other major players like Robinhood in offering prediction markets. However, regulatory scrutiny has grown, particularly over sports-related predictions, as seen in Tennessee’s efforts to limit such contracts. Coinbase’s platform allows near-continuous trading, except for brief Thursday maintenance. The company previously faced criticism over an incident involving CEO Brian Armstrong and potential market manipulation. Initial trading volumes on some Coinbase-specific prediction markets remain modest. Following these developments, Coinbase shares are down about 0.32% and have dropped 45% over the past six months.
