Coinbase Prepares to Launch Forecast Market via Kalshi — Leaked Data

• According to the screenshots, Coinbase is expanding into predictive markets using Kalshi’s infrastructure.
• The platforms previously teamed up to store USDC for event contracts.
• Thus, the new service will compete with FanDuel and Polymarket.

Crypto exchange Coinbase is working on launching its own prediction market service built on the regulated Kalshi infrastructure. This is evidenced by the leaked screenshots published by technology researcher Jane Manchun Wong.

The images show a separate website with Coinbase-branded forecasting pages, FAQ sections, and user guides. One of the screenshots contains a note that the product “will be offered by Coinbase Financial Markets… via Kalshi”, which indicates the use of the Kalshi license base.

The interface, according to the screenshots, allows making predictions using the USDC or the US dollar, and the categories cover economics, sports, science, politics, and technology.

Coinbase has previously announced plans to expand to a “universal exchange” format. On November 13, 2025, the exchange also announced a partnership with Kalshi to serve as a custodian for USDC event contracts.

In a statement, the company explained:

Coinbase also emphasized that prediction markets only work when the instruments are stable:

The growth of the predictive contracts segment creates competition for traditional online gambling. Earlier, it was reported that Kalshi and Polymarket challenged FanDuel and DraftKings amid record trading volumes. The volume of contracts on Kalshi exceeded 2.5 billion, and analysts warned of a possible “end to the dominance of traditional bookmakers.”

In October, Kalshi raised $300 million at a valuation of $5 billion in a Series D round with participation from Sequoia, Andreessen Horowitz, Paradigm, CapitalG, and Coinbase Ventures. The company plans to expand globally and compete with Polymarket.

Just a month after the announcement of Coinbase’s partnership with Kalshi, the market gained a new player: FanDuel and CME Group will launch FanDuel Predictions mobile app in December 2025. The platform will cover sports, indices, energy, cryptocurrencies, and economic indicators.