Crypto alternate Gemini introduced its exit from the UK, European Union and Australia markets on Thursday, as the corporate slashed its workforce by 25%.
Gemini cited synthetic intelligence automating labor and making engineers “100x” extra environment friendly, and a more difficult enterprise atmosphere within the UK, EU and Australia, as causes for the exit, in accordance with Thursday’s announcement:
“These international markets have confirmed onerous to win in for numerous causes, and we discover ourselves stretched skinny with a degree of organizational and operational complexity that drives our price construction up and slows us down.
“We don’t have the demand in these areas to justify them. The truth is that America has the world’s biggest capital markets,” the announcement stated.
The corporate will as a substitute focus its sources on creating its prediction market platform, Gemini Predictions, which launched in December 2025, and constructing its enterprise within the US.
The information comes at a difficult time for the crypto trade, as digital asset costs proceed to bleed amid a broad market downturn that started with a flash crash in October and the stalling of the CLARITY Act, a extensively anticipated US crypto market construction invoice.
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Gemini shifts focus to prediction markets because the sector grows
Gemini’s announcement highlighted the rising position of prediction markets in its technique, which it says might be “extra front-and-center” on its platform.
“Our thesis is that prediction markets might be as large or greater than in the present day’s capital markets,” the announcement stated.
The corporate stated it has recorded over 10,000 customers on Gemini Predictions and $24 millon in buying and selling quantity since launch.
Prediction market buying and selling quantity surged within the third quarter of 2024 through the US presidential election, with a 565.4% quarter-on-quarter improve in whole buying and selling quantity, reaching about $3.1 billion.
In January 2026, each day prediction market buying and selling quantity ranged from about $277 million to about $550 million, in accordance with knowledge from Dune.
The market stays dominated by Polymarket and Kalshi, with Polymarket accounting for over 37% of whole prediction market 24-hour buying and selling quantity and Kalshi commanding over 26%, in accordance with Dune.
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