Gemini is entering the field of prediction markets.
The Commodity Futures Trading Commission has granted a designated contract market license to Gemini Titan, an affiliate of virtual currency exchange Gemini Space Station Inc., allowing the exchange to offer event contracts to U.S. customers.
“Today's approval is the culmination of a five-year licensing process and the beginning of a new chapter for Gemini,” said CEO Tyler Winklevoss. statementpraised the Trump administration for “ending the Biden administration's crypto war.”
Gemini will now compete with other prediction market giants Kalshi and Polymarket. receive CFTC clearance Last month, the company planned to return to U.S. operations in 2022 after relocating overseas.
The approval is part of growing regulatory acceptance of prediction markets, which have grown in popularity this year.
Gemini customers will soon be able to trade event contracts using their existing USD balances through the exchange's web interface, with mobile app functionality also coming.
A sample market might include questions such as: Bitcoin It is unclear whether the year-end amount will exceed $200,000 or whether certain regulatory outcomes will materialize, the statement said.
The company plans to expand beyond prediction markets into crypto futures, options and perpetual contracts, which have gained significant traction in Asian markets but are not yet available to primarily U.S. traders.
“Prediction markets have the potential to be as big, if not bigger, than traditional capital markets, and Acting Chairman Pham understands this vision and its importance,” Gemini President Cameron Winklevoss said in a statement.
The CFTC, under Acting Commissioner Caroline Pham, has adopted a more lenient stance toward prediction markets than previous administrations.
On Wednesday, Pham announced the first CEO Innovation Council. Includes Tyler Winklevosswith Executives at Polymarket, Calci, Nasdaq, and CME Group.
At Myriad Markets, 80% of users prefer prediction markets as their crypto segment. most likely to rise.
Gemini stock soared about 13.7% in after-hours trading, falling 70%. From IPO initial price.
(Disclaimer: Myriad is owned by Dastan, Decrypt's parent company.)
