Cryptocurrency exchange Gemini (GEMI) is planning to enter the prediction market sector, Bloomberg reported on Tuesday.
The exchange founded by Cameron and Tyler Winklevoss has discussed introducing 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 considering entering an industry that has gained considerable traction in the last 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 placed on the former’s platform.
This has prompted a number of other companies in the financial, technology and media sectors to seek entries into the market. Trump Media & Technology Group (DJT), the parent company behind President Donald Trump’s Truth Social platform, 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 since their value is derived from the outcome of a future event.
Therefore, Gemini’s request to offer such contracts would be in the hands of the Commodity Future Trading Commission (CFTC) of the United States, whose approval may take several months.
Gemini did not immediately respond to CoinDesk’s request for comment.
