The Winklevoss twins’ Gemini cryptocurrency exchange will raise capital from a $ 400 million financing round to build “the Gemini experience in various metaverses.”
Gemini announced that on Nov. 18, it closed a round of financing for $ 400 million equity growth valued at $ 7.1 billion, the first time the company has sought outside assistance. Morgan Creek Digital led the round with participation from 10T, ParaFi, Newflow Companions, and Marcy Venture Companions, to name a few.
Notably, the Commonwealth Bank of Lender of Australia (CBA), which also worked with Gemini to offer the first cryptocurrency trading services to a major Australian bank, also supported the round.
“With this funding round, Gemini will continue to bring simple, innovative and safe products to market while accelerating its geographic expansion,” the announcement said.
In an interview with Forbes posted on Nov. 18, Tyler and Cameron Winklevoss outlined their plans to extend Gemini’s reach to the Metaverse.
Tyler notes that instead of building multiple “meat branches” – a reference to the popular meme-based description of physical reality – the company aims to spread across multiple metaverses:
“We’re going to be building the Gemini experience into various metaverses where you can get in and trade in Gemini, but it comes to life rather than on your phone.”
According to Forbes, the twins will retain 75% of the shares in Gemini, with Sachin Jaitly, general partner of Morgan Creek, joining the cryptocurrency platform as part of the company’s $ 75 million investment.
The move will once again put the duo in competition with Mark Zuckerberg, who they fought over Facebook ownership in court more than a decade ago. The twins sued Zuckerberg in 2004 on charges that he stole their intellectual property to start Facebook and went to court in 2011 for $ 65 million.
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Cameron pointed out to Forbes that, unlike the centralized roadmap for Metaverse by companies like Facebook or Fortnite, Gemini is moving down a decentralized path, believing it will provide greater benefits to users:
“But there is another way, and that is the decentralized metaverse, and that is the metaverse, where we believe there is more choice, independence and opportunity, as well as technology that protects the rights and dignity of individuals.”
“Decentralization is a spectrum,” added Cameron, noting that “we want to continue narrowing the spectrum towards empowerment”.
The couple won land in The Sandbox Metaverse in early April when Tyler discovered the plan was to set up Gemini’s cryptocurrency exchange and the NFT Nifty Gateway marketplace in the virtual world.