- Gemini Space Station, the brothers’ cryptocurrency exchange, wins prediction markets approval from CFTC
- Company’s event contracts push was revealed last month
- Approval brings another crypto-centric player to the fast-growing industry
Gemini Space Station (NASDAQ: GEMI), the digital currency exchange controlled by Cameron and Tyler Winklevoss, said today its Gemini Titan unit won a Designated Contract Market (DCM) license from the Commodity Futures Trading Commission (CFTC), paving the way for the company to enter the rapidly growing prediction markets arena.
It’s been more than five and a half years since Gemini applied for DCM licensing — a designation that is essential to being able to offer event contracts in the US.
Gemini Titan plans to enter into the prediction markets space by offering event contracts that are simple yes or no questions on future events,” said the company in a statement. For example, ‘Will 1 bitcoin end this year higher than $200k?’ Yes or no. Or, ‘Will Elon Musk’s X end up paying the full $140 million fine to the European Commission in 2026?’ Yes or no.”
That’s comparable to the form of event contracts featured on rival platforms such as Crypto.com, Kalshi, and Polymarket, among others. Gemini didn’t mention a specific date or timeframe in which its prediction markets platform will launch though it did use the word “soon.”
Gemini Doesn’t Mention Sports Prediction Markets
Perhaps smartly, Gemini didn’t mention plans for sports derivatives as part of its broader prediction market ambitions.
“In the future, Gemini Titan will explore expanding its derivatives offering for US customers to include crypto futures, options, and perpetual contracts or perps,” according to the statement. “Perps are the most widely traded derivatives contracts in the crypto industry, having gained huge popularity and traction in Asia and other non-US jurisdictions over the last decade. Gemini Titan looks forward to exploring bringing these innovative and highly liquid contracts to America.”
Some other aspiring prediction market participants, including Cboe Global Markets (BATS: CBOE), have also unveiled their plans without mentioning sports. It’s a potentially smart move because while sports derivatives account for massive percentages on platforms such as Crypto.com, Kalshi, and Robinhood, those contracts have also invited legal challenges.
For companies such as Gemini that count retail investors among their client bases, steering clear of spots event contracts could also be prudent because it potentially reduces criticism those firms are “gamifying” investing and exposing unwitting investors to undue risk.
Cyrpto, Prediction Markets Union on the Rise
Gemini’s prediction markets entry fortifies the already growing intersection of cryptocurrency and event contracts — the foundation of which was poured by the likes of Crypto.com and Polymarket. The former is a direct rival to Gemini and the latter is rumored to be considering offering its own digital currency.
The Winklevoss are well-known crypto backers and are said to own 70,000 Bitcoin, which they acquired with proceedings from their settlement with Facebook.
“We thank President Trump for ending the Biden Administration’s War on Crypto and Acting Chairman Pham for her hard work and dedication to help realize President Trump’s vision for making America the crypto capital of the world,” said CEO Tyler Winklevoss in the press release. “It’s incredibly refreshing and invigorating to have a President and a financial regulator who are pro crypto, pro innovation, and pro America.”
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