Finance
What You Should Probably Know:
- The cryptocurrency exchange Gemini (yes, the one run by the Winklevoss twins) is about to dip its toes into the ever-so-stable world of prediction markets. What could possibly go wrong?
- Gemini, after making its Nasdaq debut in September, now has its eyes on a market that’s been trending like the latest TikTok dance craze. Seriously, it’s a thing.
- Prediction markets? Oh, they’re just those magical contracts where the value depends on some event that may or may not happen in the future. But hey, who’s counting on certainty, right?
Oh, surprise! It seems that Gemini (GEMI, for all the finance aficionados out there) is now jumping into the prediction market sector, according to Bloomberg’s riveting exposé on Tuesday. It’s like watching someone try to predict the weather in a storm. Fun!
The dynamic duo, Cameron and Tyler Winklevoss-yes, those Winklevoss twins-are apparently in talks to launch new products in this space sooner rather than later. No word yet on whether they’ll offer predictions for the success of this venture, though.
Fresh off its glitzy Nasdaq listing in September, Gemini has its eye on an industry that’s been gaining some serious traction lately. Who knew, right? The prediction market industry, of all things, could become a thing.
Market titans like Polymarket and Kalshi found themselves in the limelight during the 2024 U.S. election campaign, when more than $8 billion in bets were placed. Honestly, what could be better than betting on the fate of a presidential candidate? Oh wait-don’t answer that.
And, of course, this has caused other companies, including some in the tech and media sectors, to follow suit. Trump Media & Technology Group (you know, the one behind Truth Social) announced plans to launch prediction markets with Crypto.com. What’s next, a prediction market for who’s winning the next presidential race in 2030? Oh, the possibilities!
For those who like to get technical, prediction market contracts are a type of derivative, meaning their value is based on the outcome of something totally predictable, like a future event. What could go wrong, right?
So, if Gemini really wants to dive into this market, it’ll have to get the U.S. Commodity Futures Trading Commission (CFTC) to approve their application. Expect that process to take months. Because, you know, bureaucracy loves a good nap.
Gemini, surprisingly, didn’t reply to CoinDesk’s request for comment. Maybe they’re busy preparing their prediction market on whether CoinDesk will ever get a response. 😉
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2025-11-05 14:32