Coinbase is making a bold move to transform itself into an "everything exchange" by adding stock trading and prediction markets to its platform. According to leaked screenshots uncovered by prominent tech researcher Jane Manchun Wong, the crypto giant is preparing to compete head-to-head with traditional brokerage platforms like Robinhood.
Jane Manchun Wong Uncovers Coinbase's New Features
Jane Manchun Wong, the well-known tech researcher famous for discovering unreleased features from major platforms like Facebook, Instagram, and X, shared multiple screenshots on November 18, 2025, revealing Coinbase is working on a prediction markets platform backed by Kalshi and stock trading capabilities.
Coinbase is working on stock trading pic.twitter.com/LUdKqu6rl6
— Jane Manchun Wong (@wongmjane) November 19, 2025
Wong discovered these features by examining publicly available code from Coinbase's mobile app and website. The screenshots show tabs for "Stocks," "Predictions," and related disclosures, with fine-print language stating that "Prediction markets are offered by Coinbase Financial Markets through KalshiEX LLC".
The timing of Wong's discovery is particularly significant, as Coinbase has scheduled a major "System Update" announcement for December 17, 2025, at 2:00 PM PST (14:00 PST), promising to unveil what the company describes as "a new era of Coinbase."
Prediction Markets: Partnering with Kalshi
Coinbase's prediction markets platform will launch under Coinbase Financial Markets, the company's derivatives section, using Kalshi's federally regulated infrastructure. This partnership is strategically important as Kalshi is currently the only CFTC-approved prediction market operator in the United States.
What to Expect from Coinbase Predictions
According to the leaked screenshots, the prediction markets platform will offer:
- Trading in USDC or US dollars for seamless transactions
- Multiple market categories including economics, politics, sports, science, and technology
- Regular new market additions tied to trending events
- Blockchain-verified security through Coinbase's custodial services
- Real-time settlement and fund management
Coinbase already serves as custodian for Kalshi's USDC reserves, a relationship formalized on November 13, 2025, which provides the foundation for this deeper integration.
The Booming Prediction Markets Industry
The timing couldn't be better for Coinbase's entry into prediction markets. Kalshi recorded $4.4 billion in trading volume in October 2025, its highest monthly total, while Polymarket hit $3.02 billion the same month. This explosive growth has attracted multiple competitors, with Crypto.com and Gemini also launching or planning their own prediction market platforms.
Tokenized Stock Trading: Bringing Traditional Assets On-Chain
Alongside prediction markets, Coinbase is targeting US equities through its investment in BackedFi, a Swiss RWA (Real World Assets) issuer that raised $9.5 million from Coinbase Ventures in 2024. The vision extends far beyond crypto—Coinbase wants to bring stocks like Apple and Tesla onto the blockchain.
Benefits of Tokenized Stock Trading
Tokenization on Base enables 24/7 global trading, bypassing Nasdaq's limited trading hours and offering near-instant settlement compared to the traditional T+2 system. This represents a fundamental shift in how traditional securities could be traded:
- Around-the-clock trading: No more waiting for market hours
- Instant settlement: Move from T+2 to near-real-time
- Global accessibility: Traders from New York to Nigeria can participate
- Smart contract capabilities: Enabling derivatives, indices, fractional shares, and margin products
- Reduced intermediaries: Lower costs through on-chain securitization
According to Reuters, Coinbase is seeking Securities and Exchange Commission approval to launch tokenized stock trading in the US, though regulatory hurdles remain.
Head-to-Head Competition with Robinhood
Coinbase's expansion puts it in direct competition with Robinhood, which has dominated the retail trading space with its commission-free model and user-friendly interface.
Comparing the Two Platforms
Trading Volume: In 2024, Robinhood's crypto trading volume was $143 billion (up 259% year-over-year), compared to Coinbase's $221 billion retail trading volume (up 195% year-over-year).
Market Position:
- Coinbase strengths: Institutional trading remains Coinbase's stronghold, with institutional trading volume of $941 billion in 2024 (up 140% year-over-year)
- Robinhood advantages: Lower fees with commission-free trading, established brokerage customer base
- Coinbase edge: Over 250 cryptocurrencies vs. Robinhood's 18 digital assets
Future Expansion: Robinhood plans to acquire Bitstamp, expected to close in the first half of 2025, representing a strategic expansion into international and institutional markets.
Coinbase's Competitive Advantages
Beyond stock trading and prediction markets, Coinbase brings several unique advantages to the competition:
- Base Blockchain: Base processed $25 billion in Q4 2024 payment volume, providing a scalable infrastructure for tokenized assets
- Diversified Revenue: Coinbase's "Subscription and Services" revenue increased from $45 million in 2020 to $2.31 billion in 2024, including stablecoin revenue, staking, custody, and interest income
- Institutional Custody: Coinbase serves as custodian for major Wall Street Bitcoin ETF providers
- Regulatory Compliance: Strong track record with US regulators
The Coinbase Credit Card Advantage
Coinbase already offers a competitive edge with its crypto credit card, which provides cashback rewards in cryptocurrency. Adding stock trading and prediction markets to this ecosystem creates a comprehensive financial super-app that could rival Robinhood's one-stop-shop approach.
The Coinbase Card allows users to earn crypto rewards on everyday purchases, seamlessly integrating with the platform's trading capabilities. This positions Coinbase as more than just an exchange—it becomes a complete financial services platform.
December 17: What to Expect
Coinbase has announced a "System Update" livestream scheduled for December 17 at 2PM PST, calling it the beginning of "a new era" for the company, promising new product launches, business updates, and "cool stuff".
While Coinbase has remained tight-lipped about specifics, the company's spokesperson told media outlets: "Tune in to the livestream on Dec 17th to find out what new products we are shipping".
Speculation and Community Buzz
Some X users responding to Wong's screenshots have suggested that the features would likely be announced at the upcoming December 17 Coinbase event, with one user joking that "Jane basically leaked the entire presentation happening on dec 17."
The crypto community has also speculated about other potential announcements, including:
- A Base network token
- Enhanced DeFi integrations
- International expansion updates
- Additional derivative products
Market Implications and Industry Impact
Both Robinhood and Coinbase have evolved from firms reliant on a feast-or-famine business model based around temporary trading trends, into companies that occupy the pole position as crypto becomes a mainstay of global finance.
The addition of stock trading and prediction markets represents Coinbase's commitment to becoming what CEO Brian Armstrong has called an "everything exchange." SEC and Commodity Futures Trading Commission leadership have already talked about the appeal of a super app where customers can access a mix of investments.
Financial Performance Outlook
In Q4 2024, Coinbase posted its strongest quarter of earnings in over a year as crypto prices and trading surged after the election of US President Donald Trump. The platform's expansion into new markets positions it for continued growth in 2025.
The fast-emerging stablecoin market, in particular, is likely to emerge as a major business line for both Coinbase and Robinhood, with the US widely expected to pass legislation in 2025 that will help make stablecoins a cornerstone of global commerce.
Regulatory Considerations
While Coinbase's expansion is ambitious, significant regulatory hurdles remain:
- SEC Approval Required: Tokenized stock trading requires Securities and Exchange Commission approval
- CFTC Compliance: Prediction markets must meet Commodity Futures Trading Commission standards
- Global Regulations: Different jurisdictions have varying rules for crypto-based financial products
- Investor Protection: Ensuring proper disclosures and safeguards for retail investors
In 2024, Coinbase was among the firms that challenged prediction market rules from the CFTC, writing in a letter that the agency's definition of gaming is too vague and unfairly limits valuable contracts for events.
Conclusion: A New Era of Digital Finance
Coinbase's move into stock trading and prediction markets marks a pivotal moment in the convergence of traditional finance and crypto. By leveraging blockchain technology, the Base network, and strategic partnerships like Kalshi, Coinbase is positioning itself as a comprehensive financial platform that challenges traditional brokerages on their home turf.
The December 17 announcement will reveal whether these leaked features are just the beginning of Coinbase's transformation. As Max Branzburg, Coinbase's Vice President of Product, said the company intends to bring "all assets on-chain", suggesting this is only the first step in a much larger vision.
For consumers, this competition between Coinbase and Robinhood is ultimately beneficial—driving innovation, reducing fees, and creating more accessible financial tools for retail investors worldwide.
Stay tuned to the December 17 livestream to discover what Coinbase has in store for the future of digital finance.
