It is reported that the cryptocurrency exchange Gemini Space Station Inc. is preparing to enter the prediction market sector. Recently, several platforms, including Coinbase and MetaMask, have taken similar actions.
Bloomberg reported on Tuesday, citing informed sources, that Gemini hopes to enter the prediction market "as soon as possible" and has already submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to operate a derivatives exchange.
It is said that Gemini executives have discussed using the exchange license to allow trading of event-driven contracts, which would enable traders to bet on the outcomes of real-world events.
Reportedly, the Winklevoss brothers, co-founders of Gemini, Tyler and Cameron, pushed for the company's public listing in September, raising $433 million through an initial public offering, with the company's valuation reaching $4.4 billion.
Against the backdrop of rising interest in the entire industry, major prediction platforms have performed outstandingly. Since mid-October, the trading volume of the prediction platform Kalshi has set new weekly records almost every week, reaching $1.2 billion in the latest week from October 27 to November 2, surpassing the previous week's record of nearly $1.01 billion.
Kalshi's biggest competitor, Polymarket, has also broken the $1 billion mark in weekly trading volume.
Gemini joins the ranks of MetaMask, Coinbase, DraftKings, and the identity-focused project World led by Sam Altman, all of which have integrated or plan to integrate prediction market features in recent months.
Meanwhile, the parent company of the New York Stock Exchange, Intercontinental Exchange, invested $2 billion in Polymarket, raising its valuation to $9 billion; Kalshi's valuation has also reached several billion dollars.
Related: The EU's plan to centralize cryptocurrency regulation under ESMA has sparked industry divisions.
Original: “Reportedly, the cryptocurrency exchange Gemini plans to integrate prediction markets”
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