Coinbase Prediction Markets Thrive Amid Crypto Winter
Coinbase's prediction markets have bucked the trend of stagnant crypto prices and seen significant growth in Q2, despite the firm posting a net loss of $359.5 million.
The US exchange giant reported that its prediction market revenues more than doubled in Q2, rising 106% on the first quarter, with sports being the top category.
The NBA playoffs and World Cup contributed to growth, with contracts mirroring outright bets on sportsbook platforms being particularly popular.
College sports and player trades were also in high demand, with nearly $4.1 million staked on whether NBA star Steph Curry will move to a new team.
Coinbase's prediction market arm, Coinbase Predictions, is set to accrue over $100 million in annualized revenue based on its half-year performance to date, according to the firm's forecast.