Bloomberg reports that Gemini is looking to expand into prediction markets, which would mark one of the company’s biggest moves since going public in September.
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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 on Tuesday, citing people familiar with the matter, noting that it 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 allow traders to bet on the outcome of real-world events.
It comes as brothers and Gemini co-founders Tyler and Cameron Winklevoos in September, raising $433 million in an upsized initial public offering and being marked at a $4.4 billion valuation.
Platform trading volumes pop
Trading volume on predictions platform has been seeing new highs almost every week since mid-October, with the latest $1.2 billion across Oct. 27 and Nov. 2 topping the previous record of nearly $1.01 billion the week before.
Kalshi’s biggest competitor, has also crossed the $1 billion mark in weekly trading volume before.
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Integrations coming by the month
Gemini joins the likes of Coinbase, , and Sam Altman’s which, in recent months, have integrated prediction markets, or are planning to do so.
Meanwhile, the New York Stock Exchange’s parent, Intercontinental Exchange, made a in Polymarket at a $9 billion valuation, while Kalshi has also received a
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