Gemini Launches Prediction Markets Across All 50 US States
- Gemini launches regulated prediction markets nationwide after CFTC approval.
- A CFTC license allows legal US trading of real-world event outcomes.
- Regulatory easing boosts momentum for prediction markets across crypto platforms.
Gemini has launched regulated prediction markets across the United States after its affiliate secured approval. The rollout follows the Commodity Futures Trading Commission granting Gemini Titan a Designated Contract Market license.
This license will enable the platform to operate in the country lawfully, offering prediction markets. The relocation offers Gemini a broader range of products beyond conventional crypto trading and portends closer regulatory consensus in the US market.
The exchange announced that its new product, Gemini Predictions, is now available in all 50 states. Gemini Titan will provide the service, which will enable people to trade on the results of real-world events. According to Gemini, the trades are fast, and the prices are transparent. This company posted its announcement of launch on a public post earlier this week.
CFTC License Clears Path for Gemini Prediction Markets
Regulatory clearance triggered the rollout. On Wednesday, Gemini Titan was given a Designated Contract Market license by the CFTC. The license permits the affiliate to list and manage event-based contracts under federal supervision. Gemini launched the product soon after permission was given, which proved that the platform was prepared to make the decision.
Prediction markets are the newest feature in the growing ecosystem of the company. The exchange already backs spot crypto trading, asset staking, and reward-based products. The platform also allows users to access tokenized stocks. The platform intends to maintain such services within a single interface to minimize its dependency on external platforms.
Source: Gemini
This launch is part of a broader industry transition to multi-product crypto platforms. Major competitors, such as Coinbase, are rushing to offer such services. Exchanges are also making user retention more focused by providing a range of financial tools in one app.
Also Read: Coinbase Plans Launch of Prediction Markets and Tokenized Equities Next Week
Decentralized Platforms Expand Prediction Markets
Meanwhile, decentralized platforms are encroaching on the prediction market segment. Social platforms like MetaMask and Trust Wallet have also started to add event-based functionality. Decentralized exchanges are also pursuing this trend. PancakeSwap has recently introduced a BNB Chain-based prediction platform called Probable.
The sector is pushed forward by venture-backed projects. A number of prediction platforms that are backed by YZi Labs, the investment firm created by Binance co-founder Changpeng “CZ” Zhao, have picked up. Opinion, an exchange, was one of the largest volume prediction markets in November.
The new momentum comes after years of regulatory uncertainty within the US. In 2022, the enforcement pressure on prediction markets made providers such as Polymarket refuse to allow access within the US. In early December, Polymarket started a gradual return to the US, providing initial access to waitlisted customers.
Source: Polymarket
The recent legal trends indicate the change in the regulatory tone. A judge recently stepped in, Connecticut had issued cease-and-desist orders on some of the providers. Kalshi, Robinhood, and Crypto.com were given a temporary reprieve. The ruling enhanced the anticipation of a steady regulatory course for the prediction markets in the United States.
Also Read: CFTC Issues Conditional Relief to Polymarket, PredictIt, Gemini and LedgerX
You May Also Like
Optum Golf Channel Games Debut In Prime Time
Google's AP2 protocol has been released. Does encrypted AI still have a chance?
