Crypto exchange Gemini is setting its sights on the prediction markets space, with reports indicating it’s preparing for an entrance similar to moves made by Coinbase and MetaMask. The platform has filed with the Commodity Futures Trading Commission to operate a derivatives exchange, according to Bloomberg. Gemini executives reportedly plan to leverage this license to allow trading of event contracts, allowing users to wager on real-world events’ outcomes. This comes following Gemini’s public offering in September, where they raised $433 million and achieved a $4.4 billion valuation. The rise in prediction markets is evident across the industry, with platforms like Kalshi and Polymarket showcasing record trading volumes. Kalshi has seen weekly volume surge past $1.2 billion since mid-October, surpassing its previous peak of nearly $1.01 billion earlier this month. Meanwhile, Polymarket has also achieved over a $1 billion mark in weekly trading volume. Gemini joins the growing list of companies integrating prediction markets, including MetaMask, Coinbase, DraftKings, and Sam Altman’s World, which have already made strides in this arena. The New York Stock Exchange’s parent company, Intercontinental Exchange, recently invested $2 billion in Polymarket, boosting its valuation to $9 billion, while Kalshi has also received a multi-billion dollar valuation. This trend demonstrates the growing interest and potential of prediction markets within the crypto space