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Crypto exchange Gemini Space Station Inc. is reported to be preparing to enter the arena of prediction markets, following similar moves by the likes of Coinbase and MetaMask in recent months.
Gemini is looking to enter the prediction markets space “as soon as possible”, Bloomberg reported Tuesday, citing people familiar with the matter, noting that archived with the Commodity Futures Trading Commission to operate a derivatives exchange.
Gemini executives had discussed using the exchange license to allow the trading of event contracts, which would allow traders to bet on the outcome of real-world events.
It comes as brothers and co-founders Gemini Tyler and Cameron Winklevoos took the company public in September, raising $433 million in an upsized initial public offering and being marked at a valuation of $4.4 billion.
The trading volumes of the platform pop
Trading volume on the forecasting platform Kalshi has seen new highs nearly every week since mid-October, with the latest $1.2 billion on Oct. 27 and Nov. 2 surpassing the previous record of nearly $1.01 billion the week before.
Kalshi’s biggest competitor, polymarket, it also crossed the $1 billion mark in weekly trading volume earlier.
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Integrations coming this month
Gemini joins the likes of MetaMask, Coinbase, DraftKingsand by Sam Altman The world focused on identity, that in recent months have integrated prediction markets, or are planning to do so.
Meanwhile, the parent of the New York Stock Exchange, Intercontinental Exchange, did a investment of $2 billion in Polymarket at a valuation of $9 billion, while Kalshi also received a multibillion dollar valuation.
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