Coinbase prediction market surpasses $200 million in annualised revenue

Coinbase Global reported third-quarter earnings and stated its prediction market surpassed $200 million in annualised revenue in the September quarter, less than a year after entering the space.

The California-based company, which is the largest regulated cryptocurrency exchange operating in the U.S., saw daily traders in its prediction markets grow 60%+ quarter-over-quarter. The platform has recorded 82% quarterly compound growth since launch.

Partnership model

Coinbase offers event contracts through a partnership with a leading prediction market operator.

CFO Alesia Haas said prediction markets “are adding another revenue stream and are less correlated to crypto volatility.”