Crypto exchange Gemini announced Thursday it has received approval for a key license from the CFTC, allowing the company to act as a clearinghouse for its derivatives-related business.
The license, to operate as a Derivatives Clearing Organization, or DCO, will allow Gemini to settle prediction market wagers and other derivatives trades in-house, as opposed to relying on an authorized third-party.
“This is also a major building block for our super app, where users will be able to fulfill their existing and future financial needs all in one place,” he continued.
Gemini (GEMI) shares have jumped more than 6% since the opening bell Thursday, recently trading at $4.40. Shares have recovered by 9% over the last month, though are still down over 55% since the start of the year.
