Crypto exchange Gemini Space Station Inc. is reportedly preparing to enter the prediction markets arena, 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 on Tuesday, citing people familiar with the matter. The exchange has filed with the Commodity Futures Trading Commission to operate a derivatives exchange.
Gemini executives had reportedly discussed using the exchange license to allow the trading of event contracts, which permit traders to bet on the outcome of real-world events.
This development comes as brothers and Gemini co-founders Tyler and Cameron Winklevoss took the company public in September, raising $433 million in an upsized initial public offering and achieving a $4.4 billion valuation.
Surging Platform Trading Volumes
Trading volume on predictions platform Kalshi has been experiencing new highs almost weekly since mid-October. The most recent figures, totaling $1.2 billion across October 27 and November 2, surpassed the previous record of nearly $1.01 billion set the week prior.
Kalshi’s primary competitor, Polymarket, has also previously crossed the $1 billion mark in weekly trading volume.
Increasing Integrations in the Market
Gemini is joining a growing list of platforms that are integrating or planning to integrate prediction markets. These include MetaMask, Coinbase, DraftKings, and Sam Altman’s identity-focused World app, all of which have made moves in recent months.
In related developments, the New York Stock Exchange’s parent company, Intercontinental Exchange, made a $2 billion investment in Polymarket, valuing it at $9 billion. Kalshi has also achieved a multibillion-dollar valuation.