Coinbase–Kalshi Collaboration

     Coinbase is entering a strategic partnership with Kalshi, a CFTC-regulated financial platform focused on prediction markets. The collaboration has been quietly forming since November 2025, when Kalshi chose Coinbase Custody for managing its USDC reserves. Reports circulating in the crypto community suggest that a formal announcement is expected at a Coinbase event on 17 December 2025.

Win Win Expected

     There appear to be clear advantages for both parties. Kalshi may assist Coinbase in launching regulated prediction markets and even tokenised stocks, expanding Coinbase's product offerings. In return, Kalshi stands to benefit from access to Coinbase's extensive user base—much like the exposure it achieved through its other partnerships with Robinhood and Phantom.

Freedom vs Regulation?

     It’s hard to say whether this development will ultimately benefit the users. However, it certainly marks another attempt to bridge the gap between decentralised crypto finance and traditional financial systems in the US. Yet, CFTC regulation could be seen as contrary to crypto’s founding ideals of financial freedom.