Cryptocurrency exchange Gemini (GEMI) is planning a move into the prediction market sector, Bloomberg reported on Tuesday.

The exchange founded by Cameron and Tyler Winklevoss has discussed unveiling products in this area as soon as possible, according to the report, citing people familiar with the matter.

Gemini, which became a publicly traded company on the Nasdaq Global Select Market in September, is eyeing a move into an industry that has gained considerable traction in the last year.

Market leaders such as Polymarket and Kalshi shot to prominence during the 2024 U.S. election campaign during which more than $8 billion in bets were made on the former's platform.

This has prompted an array of other firms in the financial, technology and media sectors targeting entries into the market. Trump Media & Technology Group (DJT), the parent company behind President Donald Trump’s social platform Truth Social, said last month it planned to roll out predictions markets in partnership with Crypto.com.

Prediction markets contracts are classed as a form of derivatives as their value is derived from the outcome of a future event.

Therefore, Gemini's application to offer such contracts would be in the hands of the U.S. Commodity Future Trading Commission (CFTC), from whom approval can take several months.

Gemini did not immediately respond to CoinDesk's request for comment.