Silicon Valley tech sleuth leaks Coinbase’s next big product

Jane Manchun Wong has built an entire career on discovering things she was never supposed to see.

Her name has become shorthand inside Silicon Valley for “the leak before the leak,” thanks to her unmatched ability to pull unreleased features out of public source code before the companies themselves announce them.

Over the past decade, Wong has revealed major rollouts from Facebook, Instagram, TikTok and X, including Meta’s NFT integrations in 2022, Instagram’s subscription tools in 2021 and X’s early “Blue” monetization features months before they went public.
In tech circles, her posts are treated almost like early product press releases.

Related: Coinbase’s Jesse Pollak explains what investors are missing onchain with Base

Now, Wong appears to have resurfaced with a new target and this time the discovery centers on one of the largest players in crypto.

On Nov. 19, she suggested she may have uncovered Coinbase’s next major offering, an in-house prediction markets platform backed by Kalshi.

Prediction markets have exploded in legitimacy and volume.

According to data from on-chain analytics platform Dune, Polymarket recorded trading volume of $23 billion till Nov. 15, hosting above 1.5 million users on its platform. The platform became the fastest-growing consumer crypto app this year, crossing record open interest levels across election, sports, macro and AI markets.

In her post, Wong wrote that Coinbase is “working on a prediction market,” and she shared screenshots taken from what appears to be a fully designed, unreleased website.

The images show a Coinbase-branded interface with binary markets, category tabs, onboarding flows and a help section explaining event-contract mechanics.

One screenshot states directly that the prediction market is “offered by Coinbase Financial Markets through Kalshi,” indicating that Coinbase’s derivatives arm would serve as the regulated entity behind the marketplace.

Another shows options for funding markets using either U.S. dollars or USDC, aligning with Coinbase’s push to expand real-world financial products into its stablecoin ecosystem.

TheStreet Roundtable could not independently verify the authenticity of the screenshots.

Related: Over 43% chance of U.S. government shutdown in 2025: Polymarket

Such a move would put Coinbase in direct competition with Polymarket and Kalshi, which, despite its explosive growth, does not operate as a CFTC-regulated exchange for U.S. users and relies on strict geoblocking and third-party KYC enforcing partners.

Kalshi, by contrast, already holds the regulatory approvals Coinbase would need.

A Coinbase-branded prediction market would also give the exchange something it has been publicly pursuing for two years, which is an “everything exchange” offering crypto, derivatives, tokenized assets and real-world event trading under one roof.
The screenshots shared by Wong suggest exactly that vision.

Polymarket has sharply widened user testing in the United States after the Commodity Futures Trading Commission quietly published the platform’s previously stalled self-certification filings — a key requirement before offering event-contract markets to U.S. users.

The CFTC had earlier said that, due to the federal government shutdown, self-certifications were considered “stayed” and wouldn’t appear on its website, even though Polymarket had already received approvals for its rulebook and exemptions for certain swap-data reporting obligations.

Once the shutdown ended, the regulator posted Polymarket’s Sept. 30 filings alongside those from Kalshi and Crypto.com, covering athletic event contracts, spreads, total-score markets and election-winner contracts.

With that regulatory bottleneck removed, Polymarket appears to be preparing for a full U.S. rollout. CEO Shayne Coplan previously said the platform was “effectively in a beta test,” initially limited to a small group of onboarded traders.

This story was originally reported by TheStreet on Nov 20, 2025, where it first appeared in the Technology News section. Add TheStreet as a Preferred Source by clicking here.