BlockBeats News, December 22nd, according to official reports,$Coinbase (COIN.US)$ has signed an agreement to acquire predictive market startup The Clearing Company.
The official statement highlighted that the company is innovative in the frontier field of regulated on-chain markets. The team's deep expertise will help Coinbase develop and expand its predictive market operations, accelerating Coinbase's strategic progress towards becoming a "comprehensive trading platform."
The Clearing Company, founded by former employees of Polymarket and Kalshi, announced in August this year the completion of a $15 million seed funding round led by Union Square Ventures, with participation from Haun Ventures, Variant, Coinbase Ventures, Compound, and others. According to the company’s website, Toni Gemayel, CEO of The Clearing Company, previously served as the head of growth at Polymarket and Kalshi. Other employees of the startup also include individuals who have worked at Polymarket.
Coinbase launched its own prediction market platform last week and announced that it would begin offering stock trading services, competing with brokerage firms such as Robinhood and Interactive Brokers. The transaction is expected to be completed in January next year and will mark Coinbase's tenth acquisition in 2025, although specific terms have not been disclosed. In May this year, Coinbase agreed to acquire derivatives exchange Deribit for $2.9 billion and purchased Echo for approximately $375 million in October.
Analysts stated that expanding the product line helps Coinbase reduce its reliance on cryptocurrency trading amid intensifying competition.