Gemini Crypto Exchange Set to Enter Prediction Markets, Competing with Kalshi and Polymarket

Gemini Space Station, a cryptocurrency exchange founded by Bitcoin OGs Tyler and Cameron Winklevoss, is preparing to offer prediction market contracts, Bloomberg reported on the 5th. The company is considering an early product launch and aims to enter the federally regulated prediction market industry, allowing betting on outcomes of sports, elections, and other real-world events. In May, Gemini applied for a derivatives exchange license with the U.S. Commodity Futures Trading Commission (CFTC) and is currently discussing plans to use this exchange for trading prediction contracts. The approval process could take several months to years...