Key Notes
- Coinbase is taking a significant step beyond the cryptocurrency industry.
- It is planning for new offerings like stock trading, prediction markets, robo-advisers, and custom stablecoins.
- It recently launched its prediction markets, powered by Kalshi.
American cryptocurrency exchange Coinbase Global Inc. has planned out a suite of activities and expansion for the coming year. Going forward, it is looking to take a strong position in sectors like prediction markets, robo-advisers, and custom stablecoins. This reflects the firm’s interest in businesses beyond crypto.
Coinbase Competes with Robinhood and eToro
During its year-end System Update Conference, Coinbase announced a list of new offerings that it plans to get engaged in.
The exchange said it is expanding its operations to stock trading, custom stablecoins, tokenization, and Artificial Intelligence (AI)-powered investment advisers. It is worth noting that the trading platform recently introduced stock trading and a prediction market on its platform.
Adding stock trading on its platform gives its users the opportunity to interact with stocks and Exchange Traded Funds (ETFs) from anywhere in the world, powered by crypto.
Coinbase’s head of consumer and business products, Max Branzburg, noted that trading stock was “a major milestone” in the firm’s plan.
This development has positioned Coinbase alongside Robinhood and eToro, both of which offer stocks and crypto on the same platform. In no time, it can outperform the likes of Kraken and Gemini, which already offer tokenized stocks outside the United States.
Coinbase Debuts Prediction Markets, Working on Coinbase Tokenize
Last month, the development of Coinbase’s prediction markets website was hinted at by tech researcher Jane Manchun Wong with screenshots on X to back up this claim.
She shared images that showed the project would be backed by the prediction market company Kalshi. At the system update conference, Coinbase rolled out prediction markets, and it is truly powered by Kalshi.
It offers betting on topics such as sports and politics. In this case, it will be joining the likes of Polymarket, Gemini, DraftKings, Robinhood, and eToro, among others.
Also coming to the company is Coinbase Advisor, an AI-powered financial management adviser.
Like those offered by Robinhood and eToro, it is designed to offer investment advice across crypto, stocks, and prediction markets. This service will work based on user input or current news events. The “custom stablecoins” that it plans to offer will be backed by Circle’s USDC.
The crypto firm is also working on Coinbase Tokenize, an “end-to-end solution for bringing offchain assets onchain” that “combines issuance, custody, compliance, and trading all in one place.”
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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Source: https://www.coinspeaker.com/coinbase-system-upgrade-biggest-takeaways/
