What does the new DCO license mean for Gemini?
Gemini has received approval for a Derivatives Clearing Organization (DCO) license from the Commodity Futures Trading Commission (CFTC), allowing the exchange to enhance its operations in regulated derivatives markets. This new license enables Gemini’s Olympus unit to handle settlements, manage risk, and ensure trades on its Titan platform, covering futures, options, and prediction markets.
Cameron Winklevoss, president and co-founder of Gemini, described the DCO license as a crucial step in expanding the company’s marketplace. “In addition to our crypto spot marketplace, Gemini now offers a complete platform for predictions, futures, options, and more,” Winklevoss stated on Thursday.
What is Gemini’s strategy with CFTC licenses?
Gemini’s move to secure the DCO license complements its previously obtained Designated Contract Market (DCM) license, granted in December 2025. The DCM license allows Gemini to run its prediction market and introduce new futures and options products under its Titan affiliate.
By acquiring both DCO and DCM licenses, Gemini now has the capability to clear and settle trades internally, offering better control and potentially lower costs. This marks a significant development in the exchange’s ongoing strategy to broaden its services beyond crypto spot trading and compete with others aiming for similar regulatory approvals.
Investor Takeaway
How do other crypto firms compare?
Gemini is now among a select group of crypto firms that hold both DCM and DCO licenses, with competitors like Bitnomial and Crypto.com also holding these licenses. Kraken, another major player, is in the process of acquiring Bitnomial, which was the first crypto-native company to secure the full suite of CFTC licenses. Coinbase, similarly, is working to acquire The Clearing Company to secure a DCO license.
What’s next for Gemini’s growth plans?
Gemini is not stopping with the DCO and DCM licenses. The company is aiming to secure additional CFTC derivatives licenses, possibly applying for or acquiring the Futures Commission Merchant (FCM) license. This would complete Gemini’s full suite of licenses, enabling it to offer a comprehensive range of derivatives products in the U.S.
Despite facing financial losses and executive turnover in 2025, Gemini continues to innovate with new offerings, such as its Agentic Trading feature. This allows users to automate their trading through AI-powered bots, expanding its technology-driven services.
Investor Takeaway
What challenges does Gemini face moving forward?
While securing key licenses is a significant achievement, Gemini still faces challenges, including managing its financial struggles and adapting to shifting regulatory environments. The exchange reported nearly $600 million in losses for 2025 and has made changes to its executive team as part of a restructuring process.
