Coinbase (COIN) said it has agreed to buy The Clearing Company to help develop its new prediction market as part of the crypto exchange’s plan to become an all-in-one platform for trading everything.
The Clearing Company, based in San Francisco, is a startup led by Toni Gemayel, who has worked extensively in the industry, including being responsible for growing the Kalshi prediction marketplace. Terms of the deal were not disclosed.
The transaction, expected to close in January, comes as prediction markets accelerate, with weekly notional volume now exceeding $4 billion according to Dune analytical data. Last week, Coinbase began allowing users to trade on the results of real-world events in partnership with Kalshi. Events range from political elections and economic reports to cultural and sporting moments.
Coinbase said the deal will bring together a team with specialized experience building and scaling event-based trading systems. It includes veterans of Polymarket, a blockchain-based platform, as well as a former compliance manager at Kalshi.
Last week, the exchange announced plans to expand the features available on its platform to also include new cryptocurrencies, perpetual futures and stocks as well as prediction markets.
It takes advantage of this initiative to position itself as the “Everything Exchange”. The company’s competitors, including Robinhood, Kraken and Gemini, have already started launching stock trading and prediction markets to their users.
In August, The Clearing Company raised $15 million in a funding round led by Union Square Ventures and in which Coinbase Ventures participated. Last month, it applied for a license to operate a trading center with the Commodity Futures Trading Commission (CFTC).
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