Crypto trade 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 tougher enterprise atmosphere in the UK, EU and Australia, as causes for the exit, in keeping with Thursday’s announcement:
“These overseas 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 value 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 mentioned.
The corporate will as an alternative focus its assets on creating its prediction market platform, Gemini Predictions, which launched in December 2025, and constructing its enterprise in 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 broadly anticipated US crypto market construction invoice.
Associated: SEC dismisses civil action against Gemini with prejudice
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 massive or greater than as we speak’s capital markets,” the announcement mentioned.
The corporate mentioned 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 in the third quarter of 2024 through the US presidential election, with a 565.4% quarter-on-quarter improve in complete buying and selling quantity, reaching about $3.1 billion.
In January 2026, every day prediction market buying and selling quantity ranged from about $277 million to about $550 million, in keeping with data from Dune.
The market stays dominated by Polymarket and Kalshi, with Polymarket accounting for over 37% of complete prediction market 24-hour buying and selling quantity and Kalshi commanding over 26%, in keeping with Dune.
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Cointelegraph by Vince Quill Gemini To Exit UK, EU, and Australia To Focus on Business in US cointelegraph.com 2026-02-05 20:28:07
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