Coinbase is taking its biggest step yet into the broader financial sector. On Wednesday, the company announced customers will now be able to trade stocks on its platform, and also place bets on a wide range of events through a partnership with prediction market startup Kalshi. The moves signal that Coinbase is moving beyond its longtime roots as a cryptocurrency company, and are likely to intensify its rivalry with fintech firms like Robinhood.
The stock trading and prediction markets announcements came at a San Francisco event titled System Upgrade that featured stage presentations by Coinbase CEO Brian Armstrong and other executives, who also announced new trading features and a platform called Coinbase Business aimed at startups and small businesses. The event comes as the company is seeking to brand itself as an “everything exchange.”
