Coinbase stirred major intrigue on social media this week after it mysteriously teased an upcoming event slated for December 17. On November 18, the U.S.-based exchange posted that it is planning to make a bunch of big announcements on December 17. Calling it a “System Update”, Coinbase said it is set to make product announcements and other business updates.
Following Coinbase’s announcement, famed reverse engineer Jane Manchun Wong claimed that the exchange is working on a prediction market platform as well as stock trading platform.
The screenshots shared by Wong showed the platform interface with the blue coloured “C” logo of Coinbase on the top left corner on the screen. It seems that Coinbase is internally testing the platform with topics ranging from Jeffery Epstein to U.S. policy, crypto markets, as well as sports among others.
Following Manchun’s post, she said, Coinbase tightened access around its predictions platform that is presumably under test.
The exchange could also announce some kind of an integration with Kalshi because one of the screenshots shared by Wong displays the words, “Prediction markets are offered by Coinbase Financial Markets through KalshiEX LLC.”
For now, Coinbase has neither confirmed nor denied the development. A source familiar with the matter told CoinHeadlines that the exchange is planning a full-fledged marketing event for December 17.
Prediction market platforms rose to popularity during the recent U.S. Presidential elections.
They let users trade contracts related to the potential outcomes of future events. The collective result forecast from the crowd reflects the market prices of these tradeable contracts. Winning contract traders are able to churn out profits from these platforms. Kalshi and Polymarkets are among the top prediction markets.
Earlier this month, Crypto.com said it would be powering a new prediction market that will focus on all things Hollywood.