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, noting that it 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 allow traders to bet on the outcome of real-world events.
It comes as brothers and Gemini co-founders Tyler and Cameron Winklevoos took the company public 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 Kalshi 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.
Weekly trading volume on Kalshi since July 2021. Source: DeFiLlama
Kalshi’s biggest competitor, Polymarket, 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 MetaMask, Coinbase, DraftKings, and Sam Altman’s identity-focused World, 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 $2 billion investment in Polymarket at a $9 billion valuation, while Kalshi has also received a multibillion-dollar valuation.
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