Gemini Prepares to Offer Prediction Market Contracts: Bloomberg

The Gemini cryptocurrency exchange (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 as soon as possible, according to the report, citing people familiar with the matter.

Gemini, what? became a trading company on the Nasdaq Global Select Market in September, he is looking at a move in an industry that has gained considerable traction in the last year.

Market leaders such as Polymarket and Kalshi broke ground during the 2024 US election campaign, during which more than $8 billion in bets were made on the former’s platform.

This has prompted a number of other companies in the financial, technological and media sectors that aim to enter the market. Trump Media & Technology Group (DJT), the parent company behind President Donald Trump’s social media platform Truth Social, said last month. planned to roll out prediction markets in partnership with Crypto.com.

Prediction markets contracts are classified as a form of derivatives, as their value is derived from the outcome of a future event.

Therefore, Gemini’s application to offer such contracts would be in the hands of the Commodity Futures Trading Commission (CFTC) of the United States, from which approval may take several months.

Gemini did not immediately respond to CoinDesk’s request for comment.