Gemini wins crypto exclusivity in Apex deal that already lists Kalshi

Gemini Titan will become the exclusive regulated venue for crypto event contracts distributed through Apex Fintech Solutions' Futures Commission Merchant, under a letter of intent the two companies signed on 24 August. All brokerages offering crypto event contracts through Apex's FCM would execute and clear through Gemini under the proposed arrangement.

The exclusivity applies only to crypto contracts. Sports, economics and financial market contracts distributed through Apex would remain non-exclusive, leaving room for other venues in those categories.

The commercial tension sits in what the announcement does not address. Apex already gives brokers API-based access to Kalshi's event contracts, handling connectivity and account infrastructure while Kalshi provides the regulated marketplace. The letter of intent says nothing about how crypto exclusivity for Gemini interacts with that existing arrangement.

Gemini's prediction markets business generated $500,000 in its second quarter, roughly one percent of total revenue. Cameron Winklevoss described it as the platform's largest near-term growth opportunity on the earnings call preceding the announcement.