ION teams with Coinbase to clear Kalshi event contracts

Coinbase selected ION to supply XTP for Event Contracts to support clearing and to manage the life cycle of Kalshi’s event contracts. The software will handle trade execution and back-office processing through Coinbase’s clearing operations.

XTP for Event Contracts is an extension of ION’s XTP platform that automates the creation, resolution and settlement of event-based contracts in real time. The platform runs continuously, supports onboarding of tens of thousands of accounts per day and provides automated workflows designed to connect with existing operational processes.

ION, Coinbase and Kalshi accelerated deployment so Kalshi could list event contracts in December 2025. During the initial rollout the platform processed high volumes, including Kalshi’s first one million trades over Super Bowl weekend. ION reported the system’s modern architecture allowed teams to analyse, develop and roll out changes concurrently.

The implementation lets Futures Commission Merchants operate event contracts alongside exchange-traded derivatives and cleared over-the-counter business in a single system. XTP includes native reporting, automated settlement and multiexchange connectivity, which ION noted reduces operational workload and supports scaling as volumes grow.

Toni Gemayel, Coinbase’s head of prediction markets, commented that partnering with ION provides the operational infrastructure needed to support the expanding event contracts business and that XTP’s real-time processing helps manage growing volumes while maintaining back-office stability and execution standards.

Samuel Shorthouse, head of client engagement for cleared derivatives at ION, added that deploying XTP offers a foundation with real-time capabilities to help clients manage activity and that the collaboration supports growth in regulated event-based markets in a secure and scalable way.

Under the arrangement Kalshi will use Coinbase for clearing while XTP manages the contract lifecycle. The companies said the setup supports faster market access and automated back-office processing as trading volumes increase.