Gemini Prepares to Offer Prediction Market Contracts

Cryptocurrency exchange Gemini is planning to enter the prediction market sector, aiming to launch products soon, as reported by Bloomberg. Founded by Cameron and Tyler Winklevoss, Gemini has recently gone public on the Nasdaq and is eyeing the burgeoning prediction market industry, which has seen significant growth, particularly during the 2024 U.S. election. Prediction market contracts fall under derivatives, with their value rooted in the outcomes of future events. The exchange's proposal for these contracts requires approval from the U.S. Commodity Future Trading Commission (CFTC), a process that could take several months. The rise of competitors like Polymarket and Kalshi, which facilitated over $8 billion in bets during recent elections, has spurred interest across various sectors, including finance and media. Gemini's exploration into this area reflects a broader trend as multiple firms look to capitalize on prediction markets.

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