BTC exchange Gemini has confirmed that it raised $ 400 million in a round of capital growth, and its billionaire brothers finally decided to raise outside funding.
Gemini is a cryptocurrency exchange and platform founded by twin brothers Tyler and Cameron Winklevoss.
Now the BTC exchange Gemini has confirmed that $ 400 million has been raised in a financing round led by Morgan Creek Digital. There are other contributors as well as Jay Z Venture Partners Marcy, New Flow Partners, ParaFi, Commonwealth Bank of Australia, and 10T. The growth equity round brings the exchange’s value to $ 0.71 billion. While that’s one-tenth the value of competing exchange Coinbase and its $ 70 billion valuation, it’s good business for the brothers who have grown their net worth. $ 10 billion on this deal.
1 / g. Today is a fresh start for @Twins.
We raised $ 400 million on a $ 7 billion valuation.
– Tyler Winklevoss (@tyler) November 18, 2021
In a press release, Gemini has pretty standard plans for the money, announcing that it will continue to bring innovative and simple products to the market while making strides in its geographic expansion. It operates in the States, but also in fifty other countries including Singapore and the UK, where Binance has encountered some regulatory issues. Gemini’s sticking to the playbook could result in it losing market share in the crypto exchange business. In 2019, an ad campaign called Revolutionary Demand Rules advocated more regulations and industry standards that alienated crypto natives by attracting many more objects.
Gemini remains at the top of the top 10 exchanges by trading volume and, like most U.S. companies, avoids derivatives which prove to be good for big money makers like Binance and FTX. In addition, the company is expanding in a variety of ways. Nifty Gateway, owned by Gemini, has established itself easily in the NFT space, posting sales of $ 420 million. However, the new NFT mining on the platform has increased significantly since August, according to data from Dune Analytics.
Gemini has a number of other things to do as well, including trying to create a decentralized version of the metaverse that would measure her directly against Facebook and CEO Mark Zuckerberg. With an extra $ 400 million to play with, we can expect to see more of the company:
“We are very excited that we are pushing the boundaries of crypto and giving individuals around the world more choice, independence and opportunity through crypto.”