Coinbase removed public access to an unreleased prediction markets platform on Wednesday, just 24 hours after tech researcher Jane Manchun Wong published screenshots revealing the company’s plans to allow users to trade on everything.
Wong, who posted her findings to X, shared what appeared to be a Coinbase-branded interface offering event contracts across politics, sports, science, economics, and technology. According to the screenshots, the service will be operated by Coinbase Financial Markets — the company’s derivatives arm — through a partnership with Kalshi, the CFTC-regulated prediction market platform.
Coinbase then removed public access:
Update: Coinbase Predictions is no longer publicly accessible after my initial scoop about their upcoming feature https://t.co/ASoiCEzW0A pic.twitter.com/1SdsM8rwBY
— Jane Manchun Wong (@wongmjane) November 19, 2025
Kalshi partnership provides direct path
Coinbase appears to be white-labeling Kalshi’s existing regulatory framework. Kalshi holds a Designated Contract Market license from the Commodity Futures Trading Commission, making it one of the few federally regulated prediction market platforms in the United States.
A recent partnership announcement confirmed that Coinbase Custody would hold USDC-backed Kalshi contracts, though neither company disclosed plans for a consumer-facing prediction market platform at that time. Coinbase declined to comment on Wong’s screenshots when contacted by multiple outlets including Protos.
Instead, a Coinbase spokesperson pointed to the company’s upcoming Dec. 17 event called “System Update,” telling Protos to “tune in to the livestream on Dec 17th to find out what new products we are shipping.”
DraftKings faced a similar leak two months earlier
The Coinbase leak follows a similar incident at DraftKings. Mike Dzikowski (@MikeDzikowski) posted to X that he discovered a live DraftKings prediction market URL — predictions.draftkings.com — using developer tools.
Looks like there is a https://t.co/IBAAyHD1FY URL available that redirects to the DK lobby, that I found using developer tools. @DKSportsbook @DraftKings @JasonDRobins @contessabrewer @ButlerBets @RLinnehanSR $DKNG @DK_Assist @stevebrubaker @BittGDCG pic.twitter.com/74ypI24J0r
— Mike Dzikowski (@MikeDzikowski) September 22, 2025
DraftKings responded cautiously: “DraftKings continues to monitor events surrounding federally regulated Prediction Markets. We value our relationships with industry stakeholders and policymakers and will work collaboratively as we evaluate next steps.”
DraftKings has since announced an upcoming launch in all 50 states.
The ‘Everything Exchange’ strategy
The prediction markets product aligns with Coinbase CEO Brian Armstrong’s stated ambition to transform the company into an “everything exchange.” In a July CNBC interview, Armstrong outlined plans to expand beyond cryptocurrency trading into stocks, options, and prediction markets.
Coinbase already has millions of verified users comfortable with trading, eliminating the cold-start problem that plagues new products. The platform processed over $1.2 trillion in trading volume in 2024, demonstrating substantial liquidity and user engagement. By integrating prediction markets, Coinbase could capture market share from standalone platforms while diversifying revenue beyond crypto trading fees.
The timing is notable: multiple states — including Massachusetts, Nevada, and New Jersey — have recently challenged prediction market operators, arguing that event contracts constitute illegal gambling under state law despite federal CFTC oversight. Adding prediction markets — which operate in a legally contested space between financial derivatives and gambling — could expose Coinbase to regulatory challenges on top of existing SEC scrutiny over its cryptocurrency offerings.
However, the political climate may shift in Coinbase’s favor if it decides to proceed. Trump’s CFTC nominee Mike Selig, could establish a framework more favorable to the merger of digital assets and prediction markets if confirmed.
Coinbase has positioned itself for regulatory influence, contributing over $68 million to Fairshake, a cryptocurrency-focused super PAC, during the 2024 election cycle. President and COO Emilie Choi recently acknowledged at Axios’ BFD Summit that the company also donated to Trump’s controversial White House ballroom renovation project to maintain “good relations” with the administration.
When asked directly whether the donation was intended “to keep good relations” with the White House, Choi paused briefly before answering, “Sure.”
Will there be a Coinbase prediction market?
Most likely. The leaked screenshots show that Coinbase is working on it. Key questions remain unanswered: whether the app will be available nationwide, how the company will handle state-by-state regulatory compliance, and what fee structure it plans to implement.
Whether the removed product represents a delayed launch or a more cautious approach remains to be seen, but the November partnership with Kalshi suggests Coinbase remains committed to the space and will be a competitor for the sportsbook operators entering the market.
