So, Coinbase Global (COIN) just flipped the switch on prediction markets for all 50 states. You can now hop on the platform and place bets—sorry, make "predictions"—on everything from whether Bitcoin (BTC) will hit a new high next week to who's going to win the upcoming election. They're doing it through a partnership with Kalshi. It's a big move, and the guy running the show says it's a core piece of the company's plan to be much more than just a crypto shop.

"We're not only a leader in the crypto space, but the strategy of the business now is really to become the everything exchange," Toni Gemayel, Coinbase's Head of Prediction Markets, told MarketDash.

Think about it. Coinbase has already said it's planning to add support for things like equities and commodities by late 2025. Prediction markets fit right into that "everything" vision. "There's maybe no better asset class than prediction markets, which are markets on everything," Gemayel argues.

He also thinks they're a natural fit for crypto traders specifically. When the price of Bitcoin takes a dive, people want to know if it's a temporary dip or the start of a longer slide. "You could go check a prediction market right now," he says. Those markets give you a kind of odds score on where the price is headed, which could help someone decide whether to buy that dip. "Markets forecast information," as he puts it.

Is this just a trick to get new customers in the door or to keep existing ones from leaving? Gemayel says it's neither. The goal, he insists, is to "expand the category" itself.

What's Working So Far

The markets only launched in January, but they're already seeing traction. According to Gemayel, sports, politics, and crypto are the early winners. That makes sense given the user base and the fact that, well, it's an election year. "The midterms are looking like they're going to be extremely interesting," he notes.

He's quick to add a caveat, though: it's important not to "over index the data" since everything is so new. The trends look promising, but it's still early.

On the regulatory and ethics front, Gemayel points out that Coinbase has built-in guardrails. Employees and executives are prohibited from betting on Coinbase's own prediction markets, except when they're testing the product itself. "Coinbase has a track record of doing right by the customer, making sure that things are very transparent," he says.

The Man Who Saw It Coming (But Not Quite This Big)

Gemayel is no newcomer to this world. Before landing at Coinbase, he worked at both Kalshi and Polymarket. He also founded The Clearing Company, which Coinbase acquired last December.

"I've been in prediction markets since before they were cool," he says with a hint of pride.

He started The Clearing Company with a strong belief that the prediction market space was "going to increase dramatically." Even with that optimism, reality has outpaced his forecasts. "I maybe underpredicted how big it would get," Gemayel admits. "It exceeded even my wildest expectations."

So, there you have it. Coinbase is betting big on letting you bet on everything. And the person leading the charge says the market for these kinds of bets is growing faster than even the believers thought possible. Whether that fuels the next phase of growth for the crypto exchange giant remains to be seen, but they're clearly all in.