Crypto trade Gemini, based by billionaire twins Tyler and Cameron Winklevoss, has scored a license from the Commodity Futures Buying and selling Fee to supply prediction markets within the US.
Gemini mentioned on Wednesday that its affiliate, Gemini Titan, acquired a delegated contract market license from the CFTC and “plans to enter into the prediction markets area.”
The corporate mentioned that “beginning shortly,” its US customers would have the ability to commerce occasion contracts on its internet platform. Gemini additionally mentioned it could increase its US derivatives choices to incorporate crypto futures, choices and perpetual contracts.
Gemini joins a lot of crypto corporations which have begun to supply prediction markets, permitting customers to wager on the outcomes of a spread of occasions, together with sports activities and geopolitics.
Shares in Gemini (GEMI) shot up 13.7% in after-hours buying and selling on Wednesday to $12.92 after ending the day’s buying and selling session down 0.7%.
The license may very well be a serious increase for Gemini, whose inventory is down 64.5% since its public debut on Sept. 12 because the crypto market has struggled to maintain a rally.
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“Prediction markets have the potential to be as large or greater than conventional capital markets,” mentioned Gemini’s president, Cameron Winklevoss.
Gemini CEO Tyler Winklevoss mentioned the trade first utilized for the license in March 2020, and the approval “marks the fruits of a 5-year licensing course of and the start of a brand new chapter for Gemini.”
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