Cryptocurrency exchange Gemini Space Station is also reportedly preparing to enter the prediction market space, following similar moves by Coinbase, MetaMask, and others in recent months.
Bloomberg reported Tuesday that Gemini is looking to enter the prediction markets space “as soon as possible,” citing people familiar with the matter, noting that the company has applied to the Commodity Futures Trading Commission to operate a derivatives exchange.
Gemini executives were reportedly discussing using the exchange license to allow trading of event contracts that would allow traders to bet on the outcome of real-world events.
This comes after Gemini co-founders brothers Tyler and Cameron Winklebooth took the company public in September, raising $433 million in an enhanced initial public offering, marking a valuation of $4.4 billion.
Platform trading volume skyrockets
The trading volume of the prediction platform “Karshi” has been hitting new highs almost every week since mid-October, and the most recent trading volume from October 27th to November 2nd was $1.2 billion, exceeding the previous week’s all-time high of nearly $1.01 billion.
Karshi’s biggest competitor, Polymarket, has also previously surpassed the $1 billion mark in weekly trading volume.
Related: Why Zcash and privacy tokens are making headlines again
Integration is expected within the month
Gemini joins the likes of MetaMask, Coinbase, DraftKings and Sam Altman’s identity-focused World, which have integrated or are planning to integrate their prediction markets in recent months.
Meanwhile, Intercontinental Exchange, the parent company of the New York Stock Exchange, made a $2 billion investment in Polymarket at a $9 billion valuation, and Kalsi also has a multibillion-dollar valuation.
Magazine: Grokipedia: “A far-right talking point” or the long-awaited antidote to Wikipedia?
