Gemini Accelerates into Derivatives with CFTC DCO License

Gemini has received a CFTC Derivatives Clearing Organization (DCO) license, allowing it to clear and expand non‑spot products — futures, options, perpetuals and prediction markets — under its Olympus clearing unit. The move, built on a prior Designated Contract Market (DCM) license, reduces reliance on third parties, lowers clearing costs, and positions Gemini alongside Coinbase and Kraken in the race to build an all‑in‑one crypto “super app.” Operationally, the license could boost derivatives liquidity and institutional participation in crypto markets by enabling in‑house risk management and settlement. Despite recent losses (~$600m last year) and executive departures, Gemini is continuing product innovation (Agentic Trading) and may pursue additional CFTC permissions such as an FCM, which would further deepen its derivatives footprint.