Coinbase (NASDAQ:COIN) , a digital asset company that just announced multiple new offerings, says it has acquired startup The Clearing Company to help advance its ambition to become a top prediction market platform.
The Clearing Company has submitted an application to the Commodity Futures Trading Commission (CFTC) to become a Derivatives Clearing Organization (DCO).
A $15 million Seed round included Coinbase Ventures, so clearly, Coinbase is well aware of what the Clearing Company has to offer.
If the application is approved, The Clearing Company says it would become the first stablecoin-native clearinghouse purpose-built for prediction markets, bringing this category fully onchain and under a regulated framework.
According to a blog post, The Clearing Company is a startup focusing on the future of prediction markets.
“The team is composed of prediction market veterans, led by founder Toni Gemayel, a visionary product and growth leader who helped shape the modern prediction markets landscape. Toni and the team will help scale world-class prediction markets trading on Coinbase and accelerate our ambitions for this exciting category as part of the Everything Exchange.”
The Everything Exchange mission is Coinbase’s goal of becoming the one financial services platform to rule them all. For customers, this means banking services as well as investment offerings … from securities to crypto to derivatives to prediction market offerings and more. Meanwhile, traditional online brokerages are stuck in the slow lane. Hesitant to adapt, the once-innovators are now becoming the old, stodgy, as digital assets take over.
The Clearing Company purchase appears to be more of an acquihire – gaining talent necessary for Coinbase to accelerate its goals.