TL;DR
- Leaked screenshots by Jane Manchun Wong reveal a Coinbase-branded event trading platform.
- The service will operate on Kalshi’s regulated infrastructure, complying with CFTC oversight.
- The initiative is part of Coinbase’s strategy to become an “everything exchange” including derivatives and novel products.
Screenshots were leaked and shared by tech researcher Jane Manchun Wong. The leaked images suggest that Coinbase is about to launch a website aimed at the prediction market. A Coinbase-branded interface is shown, with structured market pages, guides, and an FAQ section, suggesting an imminent, well-structured launch.
What stands out most about the leak is that the service could be running on Kalshi. This is a prediction markets platform with federal regulation and approved by the U.S. Commodity Futures Trading Commission (CFTC).
One of the leaked images shows that the product is offered by Coinbase Financial Markets, that is, the exchange’s derivatives arm, through Kalshi. This may mean that the platform would rely on Kalshi’s regulated infrastructure to ensure compliance with regulations.
The screenshots show a standard event trading design that could support positions in USDC or USD. As for the category menu, it includes sports, economy, politics, technology, and science, adding that new markets will be integrated frequently.
Strategic Context and Regulatory Advance
The imminent launch aligns with the company’s previously declared strategy to evolve into an “everything exchange” that encompasses the spot market, derivatives, and novel financial products. Although Coinbase and Kalshi had already announced a collaboration on November 13 for Coinbase to act as custodian for Kalshi’s USDC-based contracts, the new leak points to a much deeper integration, where Coinbase presents its own branded interface.
Operating within Kalshi’s regulatory framework is a significant advantage. By using a partner already approved as a designated contract market by the CFTC, the Coinbase platform would circumvent one of the main obstacles facing crypto-linked prediction services: regulation in the U.S.
If the launch is confirmed, Coinbase would join a growing group of large exchanges entering this rapidly expanding sector. Rivals such as Crypto.com and Gemini have already launched or announced similar features, marking a new and competitive phase in crypto-based event trading.
The speed with which this leaked interface moves to public beta, and the regulatory response to it, will be key to the exchange’s future growth.
