“The deal brings a team with specialized experience building event-based trading systems, including veterans from Polymarket and Kalshi.”, — write: www.coindesk.com
San Francisco-based The Clearing Company is a startup led by Toni Gemayel, who has worked extensively in the industry including as the head of growth at prediction market Kalshi. Terms of the deal were not disclosed.
The transaction, which is expected to close in January, comes as prediction markets pick up steam, with weekly notional volume now topping $4 billion according to Dune analytics data. Last week, Coinbase started letting users trade on the outcomes of real-world events in partnership with Kalshi. The events range from political elections and economic reports to cultural moments and sports.
Coinbase said the deal will bring in a team with specialized experience building and scaling event-based trading systems. It includes veterans at Polymarket, a blockchain-based platform, as well as a former chief compliance officer at Kalshi.
Last week, the exchange said it plans to expand the functionality available on its platform to also include novel cryptocurrencies, perpetual futures contracts and stocks as well as prediction markets.
It is using the initiative to position itself as the “Everything Exchange.” The company’s rivals, including Robinhood, Kraken and Gemini, have already started launching equity trading and prediction markets to their users.
In August, The Clearing Company raised $15 million in a seed round led by Union Square Ventures and in which Coinbase Ventures participated. Last month, it applied for a license to run a clearinghouse from the Commodity Futures Trading Commission (CFTC). raised $15 million in a seed round led by Union Square Ventures and in which Coinbase Ventures participated. Last month, it applied for a license to run a clearinghouse from the Commodity Futures Trading Commission (CFTC).
Read more: Prediction markets beat Wall Street in forecasting inflation, Kalshi says
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This is the company’s second sale of part of its ETH treasury, following a $40 million sale in October to fund share repurchases.
- ETHZilla (ETHZ) sold 24,291 ether (ETH) for roughly $74.5 million to redeem senior secured convertible notes.
- After this second sale of digital assets, the company — formed with the intention of holding ETH — still owns approximately 69,800 ETH worth more than $200 million.
- Many digital asset treasury firms are facing pressure following stock price plunges, and are shifting focus from accumulation to managing liabilities.
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