Gemini Titan is set to become the latest company to enter the prediction markets space in the United States after securing a Designated Contract Market (DCM) license from the Commodity Futures Trading Commission (CFTC).
The DCM license approval comes five years after the company first submitted its license application to the CFTC.
“Today’s approval marks the culmination of a 5-year licensing process and the beginning of a new chapter for Gemini,” said Gemini chief executive Tyler Winklevoss.
“We thank President Trump for ending the Biden Administration’s War on Crypto and Acting Chairman Pham for her hard work and dedication to help realize President Trump’s vision for making America the crypto capital of the world. It’s incredibly refreshing and invigorating to have a President and a financial regulator who are pro crypto, pro innovation, and pro America.”
Gemini president Cameron Winklevoss added: “Prediction markets have the potential to be as big or bigger than traditional capital markets. Acting Chairman Pham understands this vision and its importance. Unlike her predecessor, Acting Chairman Pham has positioned the CFTC as a pro business, pro innovation regulator that will allow America to lead in these new and exciting markets.”
Gemini will initially offer contracts on future events and plans to later expand its offering to include crypto futures, options, and perpetual contracts.
The company said that perpetual contracts are the most widely traded derivatives contracts in the crypto industry, having gained huge popularity and traction in Asia and other non-US jurisdictions over the last decade.
The Winklevoss brothers made their fortuna from a 2008 settlement with Facebook after accusing Mark Zuckerberg of stealing their idea for a social network. They received a settlement of $65 million, comprised of $20 million in cash and $45 million in Facebook shares.
They founded the Gemini cryptocurrency exchange in 2014.