Coinbase Says Prediction Markets Now a $200M-a-Year Business as Profit Hits $719M
- —Prediction markets revenue grew at an 82% compound quarterly rate; daily traders up over 60% from Q2
- —Revenue held at $1.2 billion even as market-wide trading volume fell 10%
- —Subscriptions and services brought in $570 million, 49% of net revenue; USDC balances averaged a record $22 billion
- —CFTC approved Coinbase to list its own prediction market contracts
Why it matters: Growing prediction markets and subscription revenue reduce Coinbase's reliance on trading fees during a weak crypto market.
Source: Unchained