Gemini Expands Prediction Market Offering

• GEMI

Cryptocurrency exchange Gemini (NASDAQ: $GEMI) is expanding further into prediction markets through a new partnership with Apex Fintech Solutions.

Gemini, founded by the twin brothers Cameron and Tyler Winklevoss, is teaming up with privately held Apex to expand distribution of its prediction markets to brokerage firms.

In a statement, the companies said that Gemini will become the exclusive provider of event contracts distributed by Apex to its brokerage clients.

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Gemini will handle execution and clearing, allowing brokerages using Apex to offer crypto-based event contracts without having to build their own connections to a prediction-market exchange.

Prediction markets let people bet on the outcome of real-world events such as sports and elections and have exploded in popularity over the past year.

Sports, politics, and cryptocurrency have emerged as the most popular trades on prediction markets.

The arrangement with Apex has the potential to broaden Gemini’s distribution as it aims to compete for a share of the rapidly growing prediction-market sector. 

The leading platforms in the prediction market space remain privately held Kalshi and Polymarket. Gemini is one of several companies trying to break into the space. 

Crypto firms such as Gemini are turning to prediction markets in an effort to diversify their revenue streams amid weaker trading volumes.

“We believe that predictions are the future of markets,” said Gemini CEO Tyler Winklevoss in the statement.

GEMI stock has declined 87% since the company went public last September and currently trades at $4.28 U.S. per share. 

Source: finance.yahoo.com