Coinbase has selected ION’s XTP for Event Contracts to support clearing for Kalshi’s prediction market, providing automated, real-time processing for event-based contracts. The platform supports contract creation, resolution and settlement alongside real-time execution processing, with automated 24/7 operations and capacity to onboard tens of thousands of accounts per day.
ION and Coinbase began working together to support Kalshi’s event contract listings in December 2025. During the initial rollout, XTP processed its first one million trades over Super Bowl weekend.
ION said the technology enables Futures Commission Merchants (FCMs) to manage event contracts alongside existing exchange-traded derivatives and cleared OTC business within a single platform, using native reporting, automated settlement and multi-exchange connectivity.
The deployment comes as prediction markets continue to attract greater institutional interest, placing increased demands on the clearing and post-trade infrastructure supporting high-volume, round-the-clock trading.
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