Code is a funny thing. It rarely keeps secrets well. While corporate press releases are polished and planned, the underlying code of an app can sometimes tell you what a company is really thinking. And right now, the code inside Coinbase’s mobile app is talking a lot.
- Code discovered in Coinbase’s mobile app suggests the company is developing interfaces for both “Predictions” markets and “Stocks” trading. These findings align with Coinbase’s previously announced strategy to become an “everything exchange.”
- The prediction market feature appears to involve a partnership with KalshiEX LLC, indicating Coinbase’s intent to launch a federally regulated product for mainstream American users.
- The “Stocks” tab points toward tokenized stock trading, offering features like 24/7 trading and fractional ownership, as part of a unified interface for all assets.
Independent researcher Jane Manchun Wong, known for her skill in uncovering upcoming features by examining app code, recently shared some interesting screenshots. By reverse-engineering publicly available code from the largest crypto exchange in the United States, she found something new. Or rather, two new things.
The images point to test interfaces for features that could fundamentally change what Coinbase is for millions of its users. One tab is labeled “Predictions.” Another is labeled “Stocks.”
Coinbase is working on Stocks trading pic.twitter.com/125442284I
— Jane Manchun Wong (@wongmjane) December 10, 2024
These aren’t just idle experiments. They look like the first digital footprints of a much larger strategy Coinbase announced months ago. A plan to become an “everything exchange.”
The “Everything” Blueprint
Let’s start with the “Predictions” tab. A prediction market is a place where people can trade on the outcome of future events. Think of it less like a casino and more like a stock market for reality. Will it rain in Chicago next Tuesday? Will a certain bill pass Congress? Users buy shares in outcomes, and the market price reflects the crowd’s collective guess.
What makes the Coinbase leak so interesting is the fine print Wong spotted. One screenshot includes the text: “Prediction markets are offered by Coinbase Financial Markets through KalshiEX LLC.” This is a critical detail. Kalshi is currently the only prediction market operator that is federally regulated in the United States.
Partnering with Kalshi suggests Coinbase isn’t just dipping a toe in the water. It’s trying to build a compliant, regulated product from day one. This is a serious move to bring a novel financial tool to a mainstream American audience, wrapped in the familiar Coinbase interface.
Coinbase is working on Prediction Markets pic.twitter.com/a48pT0n32L
— Jane Manchun Wong (@wongmjane) December 10, 2024
Then there’s the “Stocks” tab. This points to tokenized stock trading. Instead of buying a share of Apple through a traditional brokerage, you would buy a digital token that represents that share. The benefits? Potentially 24/7 trading, fractional ownership made easy, and the ability to move these assets on a blockchain.
This all lines up perfectly with what Max Branzburg, Coinbase’s vice president of product, told CNBC back in July. He spoke of bringing “all assets onchain” inside a single, unified interface. The goal was to offer tokenized stocks, prediction markets, and even early-stage token sales to U.S. customers. The code Wong found looks like the first tangible evidence of that vision being built.
A Crowded Field
Coinbase isn’t building this in a vacuum. The race to capture the American user’s interest in alternative assets is heating up. The prediction market space, in particular, has a formidable player in Polymarket.
Globally, Polymarket is the largest platform of its kind by volume. After a regulatory settlement a few years ago, it has been plotting a careful return to the U.S. market. The company recently acquired a licensed derivatives venue, QCX, and quietly launched a beta version for American users this month.
Polymarket has also been busy signing major partners, including the fantasy sports app PrizePicks and Yahoo Finance. It’s clear they aren’t waiting for Coinbase to make the first move. The competition will be stiff, and it will likely push both platforms to offer better products.
This is the new battleground. It’s not just about buying and selling Bitcoin anymore. It’s about becoming the one app on your phone for trading, investing, and even speculating on the news itself. It’s a contest for the future of the American digital wallet.
So what does Coinbase have to say about these uncovered plans? When asked for comment, a spokesperson gave a wonderfully cryptic, corporate non-answer. They didn’t confirm anything. They didn’t deny anything either.
Instead, they said: “Tune in to our showcase livestream on December 17th.”
Tune in to our showcase livestream on December 17th for exciting product announcements, key business updates, and lots of other cool stuff. https://t.co/Yy339L1mJz
— Coinbase 🛡️ (@coinbase) December 10, 2024
The company has been teasing this “Coinbase System Update” for a few days, promising “exciting product announcements” and “key business updates.” It seems Jane Manchun Wong may have just given us all a sneak preview of the main event.
The code is on the screen. The strategy has been stated. The competition is already on the field. Now, all that’s left is for Coinbase to step onto the stage and tell us what we think we already know.