Gemini and PancakeSwap Enter the Prediction Market Space Amid Growing Interest in Crypto

Gemini and PancakeSwap Enter Prediction Markets as Fever Spreads Across Crypto

Crypto trading platforms and exchanges are rapidly expanding into prediction markets, with Gemini and PancakeSwap now stepping into this growing arena.

Key Takeaways:

Gemini's Launch: Gemini has introduced regulated prediction markets across all 50 states in the US through its affiliate, Gemini Titan, which has received CFTC approval.
Industry Competition: Major cryptocurrency platforms are in a race to create comprehensive all-in-one products as interest in prediction markets rises.
Decentralized Developments: PancakeSwap has unveiled 'Probable,' indicating increasing competition from decentralized prediction market solutions.

Gemini, the cryptocurrency exchange founded by brothers Tyler and Cameron Winklevoss, announced on Monday the launch of its prediction platform, Gemini Predictions, which is available in all 50 US states.

This new offering comes through Gemini Titan, an affiliate that recently obtained a designated contract market license from the Commodity Futures Trading Commission (CFTC), enabling legal prediction markets to operate within the country.

Gemini Launches Regulated Prediction Markets in the US

Gemini's platform allows users to trade based on the outcomes of real-world events, offering almost instantaneous execution and transparent settlement processes.

This launch follows the recent regulatory approval for Gemini Titan and represents a significant expansion of prediction markets by a major cryptocurrency exchange in the US.

This initiative aligns with Gemini's broader vision of creating an “everything app” designed for digital assets. Beyond spot trading, the exchange has also ventured into staking, rewards, tokenized stocks, and now prediction markets, reflecting a growing industry trend toward all-in-one functionalities.

Competitors such as Coinbase and Crypto.com are also looking into similar expansions as the competition heats up.

The Rise of Decentralized Prediction Markets with PancakeSwap

However, prediction markets aren't restricted to centralized exchanges. Decentralized platforms are making rapid advancements as well.

On Tuesday, PancakeSwap announced the launch of 'Probable,' a new prediction market developed by the decentralized exchange and backed by YZi Labs, a venture firm co-founded by Binance's Changpeng “CZ” Zhao.

Probable will be exclusive to BNB Chain and will not impose any initial fees on users.

PancakeSwap indicates that tokens deposited will automatically be converted to USDT on the BNB Chain, removing the need for manual swapping or bridging. Event outcomes and settlements will be confirmed using UMA’s Optimistic Oracle.

While PancakeSwap is supporting its early development, Probable will function as an independent entity. A specific launch date has yet to be announced.

Prediction Markets Surge in Popularity as Trading Volumes Soar

This rapid growth reflects an increasing demand for prediction markets. This year, platforms like Kalshi and Polymarket have experienced billions of dollars in monthly trading volumes since October.

The trend is catching the eye of both crypto-focused firms and traditional financial establishments, including Robinhood and MetaMask.

In recent news, Kalshi made headlines by partnering with CNN, becoming the network’s official prediction market partner, while successfully raising $1 billion in a funding round that valued the company at $11 billion. Under this partnership, Kalshi's up-to-the-minute market data will be incorporated into CNN's newsroom to aid in reporting on politics, economics, and significant cultural events.

Additionally, Mike Novogratz’s Galaxy Digital is in discussions with Polymarket and Kalshi to become a liquidity provider, as on-chain betting on real-world events continues to attract attention from both retail investors and major financial institutions.