Coinbase CEO Brian Armstrong has said customers are driving demand for prediction markets, as the New York-listed crypto trading platform noted it is making progress on plans to deliver an “everything exchange”.

First announced at the firm’s Q2 earnings call in the summer, Armstrong told analysts yesterday, 30 October, the exchange would be a “one-stop shop to trade every asset class”.

Prediction markets have exploded in popularity over the past 12 months, with Kalshi leading the charge in the US.

Kalshi also has a partnership with Robinhood to provide retail brokerage app with its prediction markets.

Decentralised platform Polymarket is due to return to the US imminently, after acquiring federally licensed derivatives exchange and clearing house QCEX for $122m, while Trump Media and Technology Group, along with FanDuel and DraftKings, are due to make inroads, too.

FanDuel has struck deal with CME Group, owner of the Chicago Mercantile Exchange, to offer contracts on financial markets, while DraftKings recently acquired Railbird, which is regulated by the Commodity Futures Trading Commission but has yet to launch...