The cryptocurrency exchange Gemini
$176.7M
secured a US regulatory permit from the Commodity Futures Trading Commission (CFTC), which allows the firm to offer prediction markets to American users.
The approval, granted on December 10, follows a licensing journey that began on March 10, 2020.
Gemini Titan, LLC will allow US clients to trade simple yes-or-no event contracts, such as whether Bitcoin
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Trading event contracts is expected to begin on Gemini’s web interface using US dollars in users’ accounts, with mobile access arriving later.
The company also intends to consider adding crypto futures, options, and perpetual contracts to its US offerings.
The CFTC license opens a new path for Gemini to engage in the prediction market industry, where users bet on outcomes ranging from sports to economic policy.
It aligns with Gemini’s aim to evolve into a financial platform, beyond its established services in trading, custody, and institutional products.
Cameron Winklevoss, Gemini’s President, said:
Prediction markets have the potential to be as big or bigger than traditional capital markets. Acting Chairman Pham understands this vision and its importance.
He added, “Unlike her predecessor, Acting Chairman Pham has positioned the CFTC as a pro-business, pro-innovation regulator that will allow America to lead in these new and exciting markets”.
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