London and New York – September 13, 2026 -- Coinbase has selected ION's XTP for Event Contracts platform to handle clearing for Kalshi, the world's largest prediction market, as trading volumes in event-based contracts accelerate.
Platform processed one million Kalshi trades over Super Bowl weekend
ION and Coinbase began partnering in December 2025 to support Kalshi's event contract listings, with the three parties collaborating to expedite analysis, development and rollout. During the initial deployment phase, XTP demonstrated capacity to absorb a spike in activity, processing Kalshi's first one million trades during Super Bowl weekend.
XTP enables onboarding of tens of thousands of accounts daily
The platform offers fully automated, real-time creation, resolution and settlement of event contracts, supporting 24/7 processing and real-time contract design. It allows Futures Commission Merchants to run event contracts alongside existing exchange-traded derivatives and cleared OTC business within a single system, backed by native reporting, automated settlement and multi-exchange connectivity.
Coinbase cites need for operational stability as prediction market volumes grow
Toni Gemayel, Head of Prediction Markets at Coinbase, said the partnership provides the operational infrastructure needed to support the company's expanding event contracts business while maintaining back-office stability and execution standards as volumes rise.
Max Crowley, Vice President of Business Development at Kalshi, said safe and regulated markets require sound operational risk management and processing alongside strong exchange rules and oversight. Samuel Shorthouse, Head of Client Engagement for Cleared Derivatives at ION, said the deployment gives clients a scalable foundation as the event-based markets sector evolves rapidly.