The cryptocurrency exchange Gemini, founded by billionaire twins Tyler and Cameron Winklevoss, has received a license from the Commodity Futures Trading Commission (CFTC) to offer prediction markets in the United States.

Gemini announced on Wednesday that its affiliate, Gemini Titan, has obtained a designated contract market license issued by the CFTC and "plans to enter the prediction market space."

The company stated that its U.S. users will soon be able to trade event contracts on its web platform. Gemini also mentioned that it will expand its derivatives products in the U.S. to include crypto futures, options, and perpetual contracts.

Gemini joins several other crypto companies that have begun offering prediction markets, allowing users to bet on the outcomes of a range of events, including sports and geopolitics.

After hours on Wednesday, Gemini's (GEMI) stock price surged 13.7% to $12.92, closing down 0.7% for the day.

This license could provide a significant boost for Gemini. Since its public debut on September 12, its stock price has fallen 64.5% as the crypto market struggled to maintain its rebound.

Gemini President Cameron Winklevoss stated, "Prediction markets have the potential to be as large, if not larger, than traditional capital markets."

This year, the popularity of prediction markets has surged, with major platforms Polymarket and Kalshi both setting monthly trading volume records in November. Kalshi also completed a funding round earlier this month, raising $1 billion at a valuation of $11 billion.

Critics of prediction markets liken such products to gambling, and regulatory agencies in several U.S. states have initiated enforcement actions against CFTC-regulated platforms regarding event contracts, claiming they offer unlicensed sports betting.

Gemini CEO Tyler Winklevoss stated that the exchange first applied for the license in March 2020, and this approval "marks the completion of a five-year licensing process and signifies a new chapter for Gemini."

Prediction market products are part of Gemini's plan to create a "super app" that integrates various crypto products. Cameron Winklevoss detailed this plan during the company's first quarterly earnings call last month, where the company reported a loss due to listing costs.

The company is competing with other crypto applications that have expanded beyond trading: the crypto wallet Trust Wallet launched a prediction market earlier this month, while Coinbase appears to have created a website for a prediction market platform supported by Kalshi.

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Original: “Gemini Rises 14%, New License Opens Doors for U.S. Prediction Markets”

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