Crypto exchange Gemini Space Station Inc. is reportedly preparing to enter the prediction markets arena, following similar moves by companies like Coinbase and MetaMask in recent months.
According to a Bloomberg report on Tuesday, citing people familiar with the matter, Gemini is looking to enter the prediction markets space “as soon as possible.” The company has filed with the Commodity Futures Trading Commission (CFTC) to operate a derivatives exchange. Gemini executives have reportedly discussed using this exchange license to facilitate the trading of event contracts — allowing traders to bet on the outcome of real-world events.
This announcement comes as Gemini co-founders and brothers, Tyler and Cameron Winklevoss, took the company public in September. The upsized initial public offering raised $433 million and valued Gemini at $4.4 billion.
### Platform Trading Volumes Reach New Highs
Trading volumes on prediction platform Kalshi have been hitting new records nearly every week since mid-October. The most recent figures showed $1.2 billion in trading volume across the week of October 27 to November 2, surpassing the previous high of nearly $1.01 billion the week before. Kalshi’s biggest competitor, Polymarket, has also previously crossed the $1 billion mark in weekly trading volume.
### Growing Integrations in the Prediction Markets Space
Gemini joins a growing list of companies integrating or planning to integrate prediction markets into their platforms. This group includes MetaMask, Coinbase, DraftKings, and Sam Altman’s identity-focused World.
Meanwhile, significant institutional interest is evident. The New York Stock Exchange’s parent company, Intercontinental Exchange, made a $2 billion investment in Polymarket, boosting its valuation to $9 billion. Kalshi has also achieved a multibillion-dollar valuation, highlighting the rapid growth and investor confidence in the prediction markets sector.
As Gemini prepares to launch its prediction markets offering, the space continues to attract major players and escalating trading volumes, signaling robust growth ahead.
https://cointelegraph.com/news/gemini-plans-prediction-markets-offering-bloomberg