Coinbase Global (NASDAQ: COIN) is likely to collaborate with Kalshi when it opens its prediction markets platform, which might happen soon.
What looks to be a slide from an unreleased Coinbase investor presentation was received by Jane Wong, a Silicon Valley blogger and consultant who revealed that Coinbase is developing an event contracts platform. A disclaimer box that mentions a relationship with Kalshi is included.
The Commodities Futures Trading Commission (CFTC) is the US regulatory body that oversees Coinbase. According to the bitcoin broker’s presentation, Coinbase Financial Markets offers prediction markets through KalshiEX LLC.
A slide from a Coinbase presentation suggesting that it would be compatible with Kalshi. (Photo: Jane Wong, Coinbase)
ALSO READ: The NFL warns Congress about the growth of prediction markets.
Coinbase and Kalshi established a partnership last month whereby the former will hold the USDC stablecoin on behalf of the prediction markets operator. According to reports on Thursday, Coinbase may announce its intentions for event contracts as early as next week.
Coinbase Collaboration Supports Kalshi’s Crypto Initiatives
Kalshi has stated that it aspires to be the preferred prediction market for the digital currency community, even if it is not yet as focused on cryptocurrencies as competitor Polymarket.
In a recent post on X, John Wang, Head of Crypto at Kalshi, stated, “It will take six months for Kalshi to be in every major crypto app or I have failed at my job.”
These goals and the possible collaboration with Coinbase come at a time when the prediction market sector’s connections to cryptocurrencies are expanding. Two of the well-known companies in the sector are Crypto.com and Polymarket, while Robinhood Markets (NASDAQ: HOOD), which provides cryptocurrency trading, has a long-standing partnership with Kalshi and contributes between 25% and 35% of the turnover of that exchange.
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