Points of focus 

• Leaked app code shows “Predictions” tab via Kalshi for event-based bets and “Stocks” for tokenized equities/ETFs, uncovered by researcher Jane Manchun Wong.  
• Features tied to Coinbase’s “everything exchange” vision from July, emphasizing regulated access for U.S. users ahead of December 17 announcements.  
• Kalshi integration favors compliance over Polymarket’s model, potentially capturing $50B+ in prediction market volume while expanding Coinbase’s revenue streams.

Screenshots from Coinbase’s soon-to-be-launched mobile app code have surfaced online, showing interfaces for prediction markets powered by Kalshi and tokenized stock trading. 

This could be the signal that the United State’s largest exchange might be pushing toward an “everything app” just weeks before its December 17 product showcase.

Independent researcher Jane Manchun Wong uncovered the hidden tabs labeled “Stocks” and “Predictions” by reverse-engineering the app’s publicly available code. One of the key disclosures read: “Prediction markets are offered by Coinbase Financial Markets through KalshiEX LLC”. This confirms integration with Kalshi, the only federally regulated U.S. prediction market operator.

A separate screen hints at tokenized trading for common stocks and ETFs, allowing users to buy and sell traditional assets on-chain. 

The leaks lend credence to Coinbase’s July 2025 “everything exchange” strategy, outlined in a CNBC interview, which promised tokenized stocks, prediction markets, and early-stage token sales for U.S. customers in a single interface. Recent moves have only served to strengthen the claim. On November 13, Kalshi selected Coinbase Custody to secure its USDC-based event contracts.

Choosing Kalshi over crypto-native Polymarket shows the exchange prioritises compliance. Kalshi has processed $17 billion in volume under CFTC oversight, compared to Polymarket’s $34 billion in unregulated bets. This regulated path could draw institutions looking to avoid enforcement risks, especially in the wake of U.S. elections.

While responding to queries from the media about the veracity of the leak, Coinbase did not categorically deny the features but instead asked anyone curious to tune in to the livestream event on December 17 and find out for themselves.

Coinbase users will now look forward to the December 17 showcase, teased on X as ushering in a “new era” with “exciting product announcements,” with even more heightened stakes. 

If the features leaked by Wong are to be believed, then this could be the beginning of a new era for the exchange, and for the world of cryptocurrency in general.

Pairing Kalshi’s CFTC-regulated platform with Coinbase’s 110 million users and trusted brand gives the exchange a compliant, ready-to-scale entry into the fast-growing event-contract market. This is a segment already topping $50 billion in annual volume across regulated and offshore venues.

Wong, a self acclaimed hacker who is now a builder and consultant, is known for early leaks on platforms like Meta and Airbnb, announced that access to the integration has now been pulled by the company after her disclosure . Speaking to the media, she said, “I’m looking forward to when the whole picture is unveiled on December 17.”