Winklevoss Twins’ Gemini Set to Launch Prediction Markets

• Gemini Space Station received a Designated Contract Market license from the Commodity Futures Trading Commission
• Founded by the Winklevoss twins, Gemini Space Station will soon launch prediction markets
• The company applied for a DCM license in 2020

Gemini Space Station, founded by Tyler and Cameron Winklevoss, received a Designated Contract Market license from the Commodity Futures Trading Commission this week and will soon begin offering prediction markets to U.S. customers.

The company first applied for a DCM license on March 10, 2020.

“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 CEO Tyler Winklevoss said in a release.

Predictions Markets Coming Soon

Gemini can now offer prediction market contracts to its U.S. customers. According to the company, those offerings will be “starting shortly” and will be available via the company’s mobile app. Customers will first be able to trade prediction market contracts on Gemini’s web interface.

“Prediction markets have the potential to be as big or bigger than traditional capital markets. Acting Chairman Pham understands this vision and its importance,” said Cameron Winklevoss, Gemini’s President. “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.”

In addition to prediction markets, the company plans to offer crypto futures, options, and perpetual contracts, or perps. Perps are the most widely traded derivatives contracts in the industry, according to Gemini.

The Winklevoss Twins founded Gemini in 2014 and offers crypto products and services in over 60 countries.

Sports Event Contracts Not Mentioned

Gemini will enter the market by offering prediction market contracts featuring simple yes or no answers. For example, “Will one bitcoin end this year higher than $200K,” yes or no? However, the company did not specifically mention sports event contracts in its announcement.

The Winklevoss Twins have had a heavy impact on the crypto and prediction market landscape. President Donald Trump (R) nominated Brian Quintenz as chairman of the CFTC in February. According to POLITICO, the Winklevoss Twins told President Trump in July that Quintenz’s view for the CFTC did not align with the president’s agenda.

The nomination for Quintenz was dumped in October. President Trump then nominated Michael Selig for the position.

Selig, the current chief counsel of the SEC’s Crypto Task Force and senior advisor to the chair, made it clear during his nomination hearing that he would depend on court opinions to determine the CFTC’s role in regulating the sports event markets.