Coinbase will finally launch its planned prediction markets and tokenized stocks on December 17. This comes as investor demand continues to extend across these sectors.
Coinbase Plans Major Product Rollout
Bloomberg reports that the U.S. exchange is set to announce the launch of prediction markets and tokenized equity trading at a showcase event on December 17. The exchange will introduce tokenized stocks built entirely in-house. This makes it different from competitors that rely on external partners.
The company’s leadership has hinted at a move in this direction, but no formal confirmation has been given. Screenshots shared on social media recently show upcoming designs for prediction markets and digital stocks.
These products are part of their plan to offer all the features that traders need. According to Bloomberg, the exchange’s spokesperson refused to confirm such details but said, “Tune in to our Dec. 17 livestream to see the new products we’re launching.”
The developments follow a Coinbase statement back in July of ambition to open trading for tokenized stocks and blockchain-powered prediction markets.
This also aligns with its growing engagement in settlement partnerships. For example, Kalshi had chosen Coinbase Custody to custody USDC used for its trades.
The timing of the U.S exchange’s move also coincides with a spike in the trading of tokenized equities. According to data from rwa.xyz, monthly transfer volumes of blockchain-linked stocks have risen 32% to $1.45 billion.
Who Are the New Players in the Prediction Markets?
Prediction markets have been on the rise across the crypto sector in recent days. On Wednesday, Gemini obtained approval from CFTC on operating a regulated prediction market. The move puts the platform amongst several others that seek to tap into the market.
For example, Robinhood made an announcement about a dedicated futures and derivatives platform as a result of a new joint venture. All these efforts are geared towards grabbing a larger market share from the industry said to worth over $10 billion.
To add, Crypto.com partnered with Trump Media & Technology Group to assist with the launch of new prediction market services. It should be noted that all these changes have been made possible due to the conducive regulatory environment created by the Trump administration.
Prediction market platforms allow people to wager on election, sports, economics, and various other actual event outcomes. It saw serious growth this year as more and more financial institutions seek to capitalize on it.
Source: https://coingape.com/coinbase-to-introduce-prediction-markets-and-tokenized-stocks-on-dec-17/
