Gemini Apex LOI would make Gemini the exclusive regulated venue for crypto event contracts distributed through Apex Fintech Solutions’ Futures Commission Merchant, if the companies reach final terms.
The non-binding letter of intent sets out a broker distribution plan for Gemini’s in-house prediction market system. Under the proposal, brokerages using Apex’s FCM for these contracts would route execution and clearing to Gemini. However, the companies have not signed a definitive agreement.
The move came ten days after Cameron Winklevoss called predictions the platform’s largest near-term growth opportunity. In Gemini’s second-quarter results, the company said its prediction-markets business brought in $500,000, or 1% of total revenue. Therefore, the Apex plan shows one path for Gemini to grow that business beyond users on its own platform.
Gemini Apex LOI Sets Exclusive Crypto Terms
Gemini said its regulated units would provide the needed market structure. Gemini Titan holds a CFTC Designated Contract Market licence. Meanwhile, Gemini Olympus holds a Derivatives Clearing Organisation licence for clearing and settlement.
Tyler Winklevoss said Gemini built its predictions platform in-house on purpose. He added that this setup lets the company offer the product to partners such as Apex. As a result, Gemini could seek contract flow from brokerage clients connected through Apex.
Apex Already Offers Kalshi Access
The exclusivity point stands out because Apex already gives brokers access to Kalshi through API-based event-contract infrastructure. That service lets brokers and fintech firms add Kalshi contracts to their own interfaces. They do not need direct exchange links or separate FCM infrastructure.
Kalshi supplies the regulated marketplace, while Apex provides the connection and account support. Under the Gemini Apex LOI, however, crypto event contracts distributed through Apex’s FCM would be executed and cleared only by Gemini. Additionally, the companies said they could work together on sports, economics, and financial market contracts, though those areas would not be exclusive.
The announcement did not say how the proposed crypto exclusivity would fit with Apex’s current Kalshi setup. It also gave no details on products, commercial terms, eligible brokerages or customers, or a launch date. The companies said they expect to finalize details in the coming weeks.
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Source: Finance Magnates
