Gemini, the crypto exchange founded by the Winklevoss Twins, received approval from the Commodity Futures Trading Commission (CFTC) to act as a designated contract market (DCM), which it says it will use to operate a new prediction market.
Wednesday, the CFTC changed the status of Gemini’s application to “approved,” and the company wrote in a press release that its DCM approval is for a “U.S. License For Prediction Markets.”
“Today’s approval marks the culmination of a 5-year licensing process and the beginning of a new chapter for Gemini,” Gemini’s CEO Tyler Winklevoss said in the release.
Gemini already operates a crypto exchange, and when it first submitted application documents to the CFTC in March 2020 it appears to have been in order to offer a CFTC-registered crypto exchange.
