Tyler and Cameron Winklevoss, the co-founders of the cryptocurrency company Gemini Space Station Inc (Gemini, GEMI), have entered the prediction market space.
The news comes from sources close to the twin brothers and would signal a major financial player entering into the newly founded realm of federally approved prediction markets.
Winklevoss twins considering move into prediction space
As reported by Bloomberg, the twins have been factoring in a move after the company (Gemini, GEMI) was added to the Nasdaq Global Select Market in September.
A certain U.S. Commodity Futures Trading Commission (CFTC) filing in May is looking all the more relevant in the wake of the news outlet’s signaling that the twins could be advancing on the turf of other prediction market providers.
The filing refers to a product, a Designated Contract Market (DCM), named “Gemini Titan”, which seems to be the working title for the product from the billionaire entrepreneurs.
“Gemini Trust Company, LLC has determined to establish a new entity, Gemini Titan, LLC, to be the designated contract market applicant. Accordingly, the application and all exhibits are being amended to reflect that Gemini Titan, LLC is the applicant,” read the filing.
Predictions markets branching out across America
Gemini Titan will have a battle on its hands as there are some established names in the mix across the newly formed prediction market scene,
Kalshi and Polymarket are the most recognizable brands that have dominated the prediction market space, and their value keeps climbing. Kalshi, was valued at $5 billion in September, but the company’s current valuation and promotion to new investment suitors puts the market at $10 billion.
Polymarket’s value has multiplied tenfold since the company’s initial valuation to a figure between $12 to $15 billion. The company website has a “Polymarket is coming home” wait-list image.
“Polymarket will soon be available for US traders. We’re working hard to get the US platform ready for launch – in the meantime, provide your phone number below to receive updates.”
I just donated $1 million in bitcoin (15.47 BTC) to @realDonaldTrump and will be voting for him in November. Here’s why:
Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and… pic.twitter.com/qOQSpmanBR
— Tyler Winklevoss (@tyler) June 20, 2024
One new name to enter the fray is the Trump Media and Technology Group Corp with its newly minted deal with Crypto.com. This would make Truth Social, the reigning POTUS’ social media platform the first to offer built in prediction market tools.
The twins are no stranger to Trump, having donated $1 million worth of Bitcoin (BTC) each to Donald Trump’s 2024 presidential campaign.
Featured image: Adobe Firefly
