Cryptocurrency Exchange Gemini (GEMI) is planning a move into the prediction market sector, Bloomberg reported on Tuesday.
The exchange founded by Cameron and Tyler Winklevoss discussed unveiling products in this area soon, according to the report, citing people familiar with the matter.
Gemini, that is Became a publicly traded company on the NASDAQ Global Select Market In September, the sight of a move in an industry that has gained significant traction in the past year.
Market leaders such as Polymarket and Kalshi shot to prominence during the 2024 US election campaign where more than $8 billion bets were made on the former’s platform.
This prompted a range of other companies in the financial, technology and media sectors to target market entries. Trump Media & Technology Group (DJT), the parent company behind President Donald Trump’s social media platform, said last month It plans to roll out market predictions in partnership with Crypto.com.
Prediction market contracts are classified as a form of derivatives because their value is derived from the outcome of a future event.
Therefore, Gemini’s application to offer such contracts is in the hands of the US Commodity Future Trading Commission (CFTC), whose approval could take several months.
Gemini did not immediately respond to Coindesk’s request for comment.
