Screenshots Reveal Coinbase Working on Prediction Market

It seems like Coinbase is actively working on expanding its “everything exchange” ambitions and is positioning itself in one of crypto’s fastest-growing sectors. At the same time, Monad’s public token sale on Coinbase lost momentum after a strong opening. Monad’s team insists the slower pace reflects its goal of broad distribution rather than hype, but the trajectory still falls short of recent blockbuster sales like MegaETH. 

Coinbase Quietly Building Prediction Market?

Coinbase seems to be preparing its own prediction markets platform, according to new findings that were shared by well-known tech researcher Jane Manchun Wong. Wong has built a reputation for uncovering unreleased features across major platforms like Facebook, Instagram and X, and posted screenshots suggesting that Coinbase is developing a dedicated website for prediction markets in partnership with Kalshi. The images show what looks like a full prediction market interface branded with Coinbase’s logo, complete with FAQ sections and an introductory guide to the service.

One screenshot indicates that the offering will be provided through Coinbase Financial Markets, the company’s derivatives division, and powered on the back end by Kalshi, a federally regulated prediction market platform. Coinbase and Kalshi actually announced a partnership on Nov. 13, naming Coinbase as the custodian for Kalshi’s USDC-based event contracts. 

The new screenshots seem to show the next evolution of that collaboration, and hint at a full-scale integration that will make prediction markets a core part of Coinbase’s overall strategy.

Coinbase previously told CNBC that it intends to build an “everything exchange,” expanding far beyond standard crypto trading and into other financial markets. Prediction markets have proven to be one of the fastest-growing segments in the digital-asset industry this year, with rising trading volumes on platforms like Kalshi and Polymarket bringing more attention from mainstream investors. 

Wong’s screenshots suggest Coinbase plans to allow users to trade in either USDC or US dollars across a wide range of categories, including economics, politics, technology, sports and science. The interface also implies that the exchange will regularly roll out new markets tied to trending events.

The interest in prediction markets is not limited to just Coinbase. Several major crypto exchanges have started exploring or launching their own offerings this year to meet the rising demand. 

Crypto.com recently introduced a prediction platform that will integrate with Trump Media, while Gemini is developing a similar service as part of a planned “super app.” Gemini also revealed last week that it filed with the Commodity Futures Trading Commission to become a designated contract market, which is an essential step toward offering regulated event-based trading. 

Coinbase Monad Sale Stalls

In other Coinbase-related news, Monad’s closely watched public token sale on Coinbase is showing signs of losing momentum after an explosive start. This is raising concerns that the offering may end up undersubscribed. 

Interest surged in the first half hour on Monday, with more than $43 million committed. This quickly created early expectations that the 7.5 billion MON tokens could sell out within 24 hours. But by late on day one, only 48% had been taken up, and by 5 p.m. ET on Tuesday, the subscription rate climbed to just under 64%. This was a noticeable slowdown.

In response to the cooling activity, Monad co-founder Keone Hon took to social media to share more details about the project’s vision. He explained that the goal of the MON sale is not rapid oversubscription, but wide distribution, and argued that Coinbase’s transparent and “democratic” allocation method allows the token to reach a broader audience. Hon also noted that many participants may be holding back intentionally since Coinbase’s format gives users five and a half days to decide whether to commit — and once they do, they are locked in. This, he said, creates an incentive for buyers to wait until the final hours, a dynamic they may reassess in future offerings.

Even so, the sale’s current trajectory compares unfavorably with recent market benchmarks. MegaETH’s public sale last month drew overwhelming demand by attracting over $1.39 billion in commitments despite seeking just $50 million. By contrast, Monad plans to raise approximately $187 million in USDC, with minimum and maximum bids set between 100 USDC and 100,000 USDC. 

Market analysts online speculated that the exclusion of European users, combined with questions over Monad’s tokenomics and previous fundraising rounds, may also be dampening investor enthusiasm.

If the sale ends without full subscription before its Saturday close, Monad says any unsold tokens will be redirected to its ecosystem development fund. The offering is one of the first major tests of Coinbase’s newly built token-sales platform, which was launched after the company’s $375 million acquisition of Echo.