Crypto exchange Gemini Space Station Inc. is reportedly planning to enter the prediction markets sector, following similar moves by platforms like Coinbase and MetaMask in recent months.
According to Bloomberg, citing sources familiar with the matter, Gemini aims to launch in the prediction markets space “as soon as possible” and has filed with the Commodity Futures Trading Commission (CFTC) to operate a derivatives exchange.
Gemini executives have reportedly discussed using the exchange license to facilitate event contracts, which allow traders to bet on the outcomes of real-world events.
This move comes after Gemini co-founders Tyler and Cameron Winklevoss took the company public in September, raising $433 million in an upsized IPO and valuing the firm at $4.4 billion.
Prediction platform activity surges
Trading volumes on platforms like Kalshi have been hitting record highs nearly every week since mid-October. The latest figures show $1.2 billion traded between Oct. 27 and Nov. 2, surpassing the previous weekly record of nearly $1.01 billion.
Kalshi’s main competitor, Polymarket, has also surpassed $1 billion in weekly trading volume in the past.
Prediction market integrations ramping up
Gemini is joining a growing list of companies—including MetaMask, Coinbase, DraftKings, and Sam Altman’s identity-focused platform World—that have recently integrated or are planning to integrate prediction markets.
Meanwhile, the New York Stock Exchange’s parent company, Intercontinental Exchange, invested $2 billion in Polymarket at a $9 billion valuation, and Kalshi has similarly achieved a multibillion-dollar valuation.
