Cryptocurrency exchange Gemini (GEMI) plans to enter the prediction market business, Bloomberg reported on Tuesday.
The exchange founded by Cameron and Tyler Winklevoss has discussed unveiling products in this area as soon as possible, according to the report, citing people familiar with the matter.
Gemini, which became a publicly traded company on the Nasdaq Global Select Market in September, plans to enter a sector that has grown in popularity over the past year.
Market leaders such as Polymarket and Kalshi rose to prominence 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 range of other companies in the finance, technology and media sectors to target their entry into the market. Trump Media & Technology Group (DJT), the parent company behind President Donald Trump’s social platform Truth Social, announced plans last month to roll out prediction markets in partnership with Crypto.com.
Prediction markets contracts are classified as a form of derivatives because their value derives from the outcome of a future event.
Therefore, Gemini’s application to offer such contracts would be in the hands of the United States Commodity Future Trading Commission (CFTC), whose approval may take several months.
Gemini did not immediately respond to CoinDesk’s request for comment.
