Coinbase CEO Brian Armstrong has said customers are driving demand for prediction markets, as the New York-listed crypto trading platform noted it is making progress on plans to deliver an “everything exchange”.

First announced at the firm’s Q2 earnings call in the summer, Armstrong told analysts yesterday, 30 October, the exchange would be a “one-stop shop to trade every asset class”.

Prediction markets have exploded in popularity over the past 12 months, with Kalshi leading the charge in the US.

Kalshi also has a partnership with Robinhood to provide retail brokerage app with its prediction markets.

Decentralised platform Polymarket is due to return to the US imminently, after acquiring federally licensed derivatives exchange and clearing house QCEX for $122m, while Trump Media and Technology Group, along with FanDuel and DraftKings, are due to make inroads, too.

FanDuel has struck deal with CME Group, owner of the Chicago Mercantile Exchange, to offer contracts on financial markets, while DraftKings recently acquired Railbird, which is regulated by the Commodity Futures Trading Commission but has yet to launch.

Armstrong said: “We’ve talked since Q2 about this ‘everything exchange’ vision. We’ve made really substantial progress toward that already in area where I think we’re best in class.

“We’ve been heads down working on the next pieces because we think that every asset class is going to come on-chain. And our customers are asking for this too; prediction markets and tokenised stocks and every on-chain asset you can imagine.

“The everything exchange is really central to the next chapter of what we’re building. Our long-term goal is to be the number one financial app, and that’s what we’re working on.”

However, in a strange turn of events towards the end of the call, Armstrong shook up both Polymarket and Kalshi markets on what the CEO would say on the call.

The ‘What will Coinbase say during their next earnings call?’ saw customers wager on specific words uttered by any Coinbase representative or the call operator.

Speaking following the final question on the Q&A section, Armstrong said: “I hope we answered your question on that. I was a little distracted because I was tracking the prediction market about what Coinbase will say on their next earnings call.

“And I just want to add here the words bitcoin, Ethereum, blockchain, staking and Web3, to make sure we get those in before the end of the call.”

Almost $81,000 had been traded on Kalshi, while it was just under $4,000 on Polymarket.

Posting on X after the earnings call, Armstrong said: “This was fun – happened spontaneously when someone on our team dropped a link in the chat.”

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