Gemini Prepares to Offer Prediction Market Contracts

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is planning to enter the prediction market sector, according to a report from Bloomberg. The exchange is looking to unveil products in this space as soon as possible, particularly as prediction markets have gained traction in recent times. These contracts are categorized as derivatives, with their value tied to the outcomes of future events. With more than $8 billion in bets placed on platforms like Polymarket during the 2024 U.S. election, interest in prediction markets has increased significantly. Consequently, various firms from multiple sectors, including Trump Media & Technology Group, are exploring entries into this market. Approval from the U.S. Commodity Future Trading Commission (CFTC) is required for Gemini to offer prediction market contracts, a process that may take several months. Gemini, which became publicly traded in September, has yet to respond to inquiries regarding this new initiative.

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