Crypto alternate Gemini, based by billionaire twins Tyler and Cameron Winklevoss, has scored a license from the Commodity Futures Buying and selling Fee to supply prediction markets within the US.
Gemini said on Wednesday that its affiliate, Gemini Titan, obtained a chosen contract market license from the CFTC and “plans to enter into the prediction markets house.”
The corporate stated that “beginning shortly,” its US customers would be capable to commerce occasion contracts on its net platform. Gemini additionally stated it will increase its US derivatives choices to incorporate crypto futures, choices and perpetual contracts.
Gemini joins various crypto firms which have begun to supply prediction markets, permitting customers to wager on the outcomes of a variety of occasions, together with sports activities and geopolitics.
Shares in Gemini (GEMI) shot up 13.7% in after-hours buying and selling on Wednesday to $12.92 after ending the day’s buying and selling session down 0.7%.
The license could possibly be a significant increase for Gemini, whose inventory is down 64.5% since its public debut on Sept. 12 because the crypto market has struggled to maintain a rally.
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“Prediction markets have the potential to be as large or larger than conventional capital markets,” stated Gemini’s president, Cameron Winklevoss.
Prediction markets have surged in reputation this yr, with main platforms Polymarket and Kalshi each seeing document month-to-month buying and selling volumes in November. Kalshi additionally closed a $1 billion funding spherical at a valuation of $11 billion earlier this month.
Critics of prediction markets liken the providing to playing, and a number of US state regulators have launched enforcement actions in opposition to CFTC-regulated platforms over their occasion contracts, claiming they’re providing unlicensed sports activities betting.
Gemini CEO Tyler Winklevoss stated the alternate first utilized for the license in March 2020, and the approval “marks the end result of a 5-year licensing course of and the start of a brand new chapter for Gemini.”
The prediction markets providing is a part of Gemini’s plan to create a “tremendous app” of a number of crypto merchandise, which Cameron Winklevoss detailed on an earnings call final month amid the corporate’s first quarterly outcomes, which confirmed losses as a result of expense of going public.
The corporate is in a race with different crypto apps which have expanded past providing buying and selling, with crypto pockets Belief Pockets launching prediction markets earlier this month and Coinbase seemingly creating a website for a prediction markets platform backed by Kalshi.
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Cointelegraph by Jesse Coghlan Crypto Exchange Gemini Gets US Nod for Prediction Markets cointelegraph.com 2025-12-11 01:33:43
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