Coinbase's new Kalshi-based prediction markets went live across the United States on December 17, 2025, allowing users to bet on various events via their "System Upgrade."
By expanding into prediction markets, Coinbase broadens its platform, impacting non-crypto events. However, state-specific availability remains unconfirmed, raising questions about nationwide accessibility.
On December 17, 2025, Coinbase launched its Kalshi-based prediction markets during a "System Upgrade" event. This collaboration offers users the chance to bet on election results, interest rates, and sports outcomes, though availability in all 50 states is unconfirmed.
CEO Brian Armstrong unveiled the Kalshi partnership in San Francisco, marking another step in Coinbase's journey to become an "everything exchange." The partnership allows Coinbase to expand its services beyond crypto, leveraging Kalshi's prediction markets.
Kalshi Registers $2 Billion Weekly Volume Post-Launch
Kalshi recorded a weekly volume of nearly $2B following the collaboration, signaling high engagement. The partnership integrates Kalshi's platform with Coinbase for a seamless prediction market experience without specifying state-level availability.
The partnership could reshape financial markets by merging traditional and crypto assets. It raises questions about regulatory compliance, given that some view prediction markets as unlicensed sportsbooks. Ongoing scrutiny could affect the markets' long-term outlook.
Robinhood-Kalshi Collaboration Sets Precedent for Coinbase
Past collaborations, like Robinhood's with Kalshi, generated significant revenue, setting a precedent for Coinbase's potential success. Historical trends suggest increased volumes are likely during major events, like elections, propelling further interest in prediction markets.
Industry experts foresee challenges tied to regulator interpretations, affecting how these markets evolve. Based on historical data, a consistent rise in user engagement and volume indicates a strong market demand for such speculative tools amidst increasing digital asset interest.
Jack Such, Growth Executive, Kalshi, "When you build something as successful as Kalshi has, it’s no surprise that everyone and their mum wants a piece of it... It’s the ultimate compliment that companies like CME and Robinhood are validating the industry we created."
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