Coinbase Acquires Prediction Market Startup Led by Former Polymarket Executive to Boost Its 'Exciting' Business Goals

Coinbase's Acquisition: Coinbase Global Inc. has acquired prediction market startup The Clearing Company to enhance its offerings in the prediction market sector, which is part of its broader strategy known as the Everything Exchange.

Funding and Leadership: The Clearing Company, which raised $15 million in venture funding, is led by Toni Gemayel, a former executive at Polymarket and Kalshi, and aims to develop an on-chain, permissionless prediction market.

Regulatory Challenges: Coinbase has filed lawsuits against several states, arguing that the Commodity Futures Trading Commission should regulate prediction markets instead of state gaming regulators, reflecting its commitment to expanding its market presence.

Stock Performance: Following these developments, Coinbase shares saw a slight increase in after-hours trading, with a focus on growth as a key performance indicator for the company.