Cryptocurrency exchange Coinbase announced the rollout of prediction markets offering in all 50 US states in partnership with Kalshi.
In a Wednesday X post, Coinbase said it was offering trades on “any real-world outcomes across sports, politics, culture and more” following the launch of prediction markets. The announcement followed the exchange’s plans for onchain prediction markets in partnership with Kalshi in December.
Event contracts on prediction market platforms such as Kalshi and Polymarket allow users to bet on the outcomes of a variety of topics, from sporting events to US politics, with the probability of each event assigned by user participation. The launch came about a week ahead of one of the biggest sporting events in the US, the National Football League’s Super Bowl championship game.
Coinbase announced the acquisition of The Clearing Company in December as part of its push into prediction markets. The move came amid plans for the company to become an “everything exchange,” with offerings including stock trading, tokenized assets and prediction markets.
Related: Coinbase borrows Kalshi’s playbook, sues three states over prediction markets
Kalshi faces state-level legal challenges over sports betting
While Kalshi is regulated at the federal level by the US Commodity Futures Trading Commission, the platform faces legal challenges filed by authorities in at least four US states, including Massachusetts and Tennessee, for offering bets on sporting events without a gaming license.
Polymarket, also the target of authorities in Tennessee over sports betting, faces scrutiny from US lawmakers following reports that a user may have traded on insider information related to the capture of Venezuelan President Nicolás Maduro.
The unknown user, who reportedly netted more than $400,000 from betting on Maduro’s removal via Polymarket, prompted calls from lawmakers to address insider trading on political wagers on prediction markets.
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