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 has discussed disclosing 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, is looking at a move into an industry that has gained significant traction in the past year.
Market leaders such as Polymarket and Kalshi surged during the 2024 US election campaign, with more than $8 billion in bets placed on the former’s platform.
This has prompted a number of other firms in the finance, technology and media sectors to enter the market. Trump Media & Technology Group (DJT), the parent company of President Donald Trump’s social platform Truth Social, said last month that it planned to roll out prediction markets in partnership with Crypto.com.
Prediction market 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 will be in the hands of the US Commodity Futures Trading Commission (CFTC), from whom approval could take several months.
Gemini did not immediately respond to CoinDesk’s request for comment.
