Exclusivity applies only to crypto contracts, leaving Apex free to work with Gemini on sports, economics, and financial-market contracts on a non-exclusive basis.
- Gemini Space Station signed a non-binding letter of intent with Apex Fintech Solutions to become the exclusive regulated venue for crypto event contracts.
- These would be distributed through Apex’s futures commission merchant.
- Brokerages offering crypto event contracts through Apex would route execution and clearing to Gemini Titan under the proposed arrangement.
Gemini Space Station Inc (GEMI) edged higher on Monday afternoon after the crypto exchange signed a letter of intent with cloud-native financial technology company Apex Fintech Solutions to provide an exclusive venue for prediction markets.
The firm said its derivatives subsidiary would be the only regulated venue for crypto event contracts distributed through Apex’s futures commission merchant. Under the proposed arrangement, brokerages offering crypto event contracts through Apex’s FCM would route execution and clearing to Gemini Titan, the companies said. That would be exclusive to crypto contracts.
Apex has flexibility to work with Gemini on “sports, economics and financial-market contracts on a non-exclusive basis,” the company added.
GEMI stock traded above $4 during midday trading. On Stocktwits, the retail sentiment around GEMI moved to the ‘bullish’ zone from the ‘extremely bullish’ zone, while chatter around it stayed at ‘high’ levels over the past day.
Builds On Existing Partnership
The deal was based on an existing relationship. In July, Gemini said it had begun commission-free stock trading for some U.S. clients, with the custodian and clearing broker Apex Clearing Corporation, a wholly owned Apex subsidiary.
Gemini built its derivatives stack in-house instead of routing through an existing exchange. In December last year, the company had announced that its Gemini Titan unit had obtained a designated contract market license from the Commodity Futures Trading Commission (CFTC) and that its subsidiary, Gemini Olympus, had received a derivatives clearing organization license in April, allowing the company to bring clearing and settlement in-house.
“We believe that predictions are the future of markets, and this strategy allows us to expand our offering and open access to valued partners like Apex as demand for event contracts grows,” Gemini CEO Tyler Winklevoss stated.
Travis McGhee, Global Head of Digital Markets at Apex, said the arrangement will provide brokerage clients with regulated access to crypto event contracts “without having to build the plumbing themselves.”
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