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- Coinbase selected ION’s XTP platform to handle clearing and settlement for Kalshi prediction market products.
- The post-trade infrastructure automates contract processing to support Coinbase’s expanding event-contract business.
Coinbase has selected ION’s XTP for Event Contracts platform to handle clearing for Kalshi prediction market products, according to an announcement reported Sept. 10.
The move adds core post-trade infrastructure to Coinbase’s growing event-contract business. ION said the platform is built to automate the real-time creation, resolution, settlement, and reporting of event contracts, reducing operational work as volumes scale.
ION platform will handle clearing and settlement workflows
ION described XTP for Event Contracts as an extension of its existing XTP system. The company said it can support live contract design, onboard tens of thousands of accounts in one day, and run automated processing around the clock.
According to the announcement, Coinbase and ION began working together in December 2025 to help Kalshi list event contracts. ION said the rollout drew on XTP’s existing architecture and joint work by Coinbase, Kalshi, and ION across analysis, development, and deployment.
Coinbase head of prediction markets Toni Gemayel said the partnership gives the company “the operational backbone needed as the firm’s event-contract business grows.”
Kalshi vice president of business development Max Crowley said regulated markets need more than exchange oversight alone, adding that they also require operational risk management and processing.
Why the deal matters for prediction markets
The announcement points to Coinbase’s broader push to build what the article described as an “everything exchange” spanning crypto, equities, derivatives, and prediction markets.
Kalshi provides CFTC-regulated event contracts that can be traded in small sizes, often starting at $1, on subjects including sports, elections, and economic data. In that setup, ION’s role is focused on the clearing and settlement layer as those products move through Coinbase’s platform.
ION said the system has already supported periods of heavy activity, including Kalshi’s first million trades over Super Bowl weekend. The company is also positioning XTP for futures commission merchants that want to run event contracts alongside exchange-traded derivatives and cleared over-the-counter business.
Samuel Shorthouse of ION said the collaboration supports broader access to regulated event markets during a period of rapid change in the sector. The source article did not disclose financial terms or specify the full scope of Kalshi products covered by the arrangement.
Source: As reported by crowdfundinsider.com.
