Winklevoss’ Gemini set to bet big on prediction markets

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is preparing to launch prediction market contracts, according to sources close to the situation who wished to remain ￰0￱ move would position Gemini among the many financial firms entering a new field of prediction ￰1￱ highlighted that this market will provide a controlled method for betting on outcomes of elections, sports games, and other ￰2￱ launch represents Gemini’s effort to diversify its offerings amid a competitive crypto exchange ￰3￱ aims to remain competitive in the crypto space Recently, Gemini has been making significant moves to strengthen its position in the crypto ￰4￱ begin with, the firm applied for regulatory approval to establish its own derivatives exchange, which is designated as a contract ￰5￱ update followed discussions by the cryptocurrency exchange’s officials about using this exchange for trading prediction ￰6￱ application is still under review.

Meanwhile, it is worth noting that securing approval from the US Commodity Futures Trading Commission for a new exchange can take a considerable amount of time, often spanning months or even ￰7￱ delays may also occur if a government shutdown takes ￰8￱ significant milestone in the ecosystem is that several exchanges and retail investment brokers have decided to collaborate with existing prediction market platforms that already hold the necessary licenses, rather than starting from ￰9￱ example of these platforms is Robinhood, which offers its clients event contracts from Kalshi ￰10￱ Gemini moves forward with its plans, the company can compete against key players such as trading exchange Kalshi, which is already registered with the US derivatives regulator, and Polymarket, which seeks to resume operations in the US ￰11￱ Media and Technology Group also entered the growing trend of prediction markets, partnering with ￰12￱ predictions are expected to be integrated with Truth Social , Trump’s social media ￰13￱ Social will use ￰14￱ Derivatives North America as a clearinghouse, tapping a CFTC-registered ￰15￱ initial testing of Truth Predict, the new market, is expected to commence ￰16￱ markets face significant regulatory ￰17￱ the growing trend among companies to participate in prediction markets, established exchange companies such as CME Group ￰18￱ Intercontinental Exchange ￰19￱ reportedly entered the prediction market.

Moreover, Gemini’s major competitor in the crypto industry, Coinbase Global Inc., pointed out in recent earnings calls that it aims to branch out into event ￰20￱ to the company, this move is part of its expansive goal to become an “Everything Exchange” for different financial ￰21￱ the other hand, Gemini announced in a regulatory filing that it intended to launch event contracts for predictions connected to sports, finance, politics, and economics before its initial public offering in September this ￰22￱ going public, the firm’s stock has drastically declined by 40% from its debut ￰23￱ IPO prospectus explained that Gemini is not currently ￰24￱ legal document also highlighted that the cryptocurrency exchange only accounts for a small portion of crypto trading in the ￰25￱ situation prompted a Needham analyst to comment on the ￰26￱ analyst acknowledged that the prediction markets present an ideal opportunity for Gemini to expand its services beyond what it currently provides.

However, reports noted that prediction markets still face major regulatory ￰27￱ example, while CFTC has granted Kalshi permission to introduce new markets, state gaming regulators, who usually manage sports betting, have opposed this decision in ￰28￱ Bybit now and claim a $50 bonus in minutes