Gemini Prepares to Offer Prediction Market Contracts

Cryptocurrency exchange Gemini is planning to enter the prediction market sector, which has become increasingly popular over the past year. The Winklevoss-founded exchange is expected to unveil these products shortly, subject to regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC). As a form of derivatives, prediction market contracts derive their value from the outcomes of future events. Gemini's interest in this market comes after competitors like Polymarket and Kalshi gained prominence, especially during the 2024 U.S. election campaign, where significant sums were wagered. This sector's growth has attracted other firms aspiring to enter the market, highlighting a broader trend in the financial and technology sectors. Gemini's recent transition to a publicly traded company on the Nasdaq Global Select Market adds to its capability for these new ventures, although regulatory approval might take several months before any contracts can be offered. The company has not yet provided comments on this development.

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