Crypto exchange Gemini eyes integrating prediction markets: Report

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.

Kalshi’s biggest competitor, Polymarket, has also crossed the $1 billion mark in weekly trading volume before.