Coinbase CEO Brian Armstrong said the CFTC’s authorization would let Coinbase offer contracts in its own prediction markets and improve the company’s economics.
In Q3, the product cleared the $200 million annualized revenue mark; daily prediction trader numbers grew by more than 60% from Q2, with non-sports events accounting for a majority of contracts.
Coinbase reported $1.2 billion in Q3 revenue, roughly flat against Q2, and $719 million in net income alongside $78 million in adjusted net income. Unrealized gains on investment crypto accounted for much of net income. Crypto-market share rose to 10.7% for a fourth consecutive quarter of gains even as total market crypto trading volume fell 10%.
The CFTC separately authorized Rothera Exchange and Clearing LLC to list a swap tied to Tesla earnings on Oct. 27, as EconoTimes previously reported.
