Gemini Adds Prediction Markets to Financial Super App in US

Gemini Space Station affiliate Gemini Titan has made its prediction markets platform available to customers in the United States.

The U.S. launch of the Gemini Predictions platform comes a week after the company received a Designated Contract Market (DCM) license from the Commodity Futures Trading Commission (CFTC), Gemini Space Station said in a Monday (Dec. 15) blog post.

“Gemini Predictions offers event contracts that are simple yes or no questions on future events,” the release said. “For example, ‘Will one bitcoin end this year higher than $200k?’ Yes or no.”

Gemini customers in the U.S. can now trade event contracts using U.S. dollars in their Gemini account on web and iOS, and they will soon be able to do so on Android, according to the release.

Gemini Predictions joins the company’s super app that already enables users to trade crypto, stake, earn crypto credit card rewards and earn stablecoin rewards, per the release.

“The move into this nascent and burgeoning frontier continues Gemini’s march toward building a one-stop financial super app for customers,” Gemini Space Station said in the release.

Gemini Space Station announced in a Wednesday (Dec. 10) blog post that Gemini Titan received its DCM license from the CFTC after first applying for one in March 2020.

Gemini CEO Tyler Winklevoss said in the post that the approval marks “the beginning of a new chapter for Gemini,” while Gemini President Cameron Winklevoss said that prediction markets “have the potential to be as big or bigger than traditional capital markets.”

PYMNTS reported in October that the embrace of event contracts could represent a new asset class: event outcomes traded with derivatives-grade infrastructure transparency and liquidity.

The momentum in the prediction markets space is driven by a market architecture that allows for a broad range of products packaged as yes/no contracts or binary outcomes and by the entry of major platforms, signaling scale.

It was reported Monday that Citizens Bank analysts said that while the adoption of prediction markets has mostly been among retail users, the analysts expect institutional investors to move in as liquidity grows, market makers deepen their presence and spreads tighten.