Gemini crypto exchange has now raised $400 million at a $7.1 billion valuation in its first-ever round of external financing. Morgan Creek Digital spearheaded this funding round that saw participation from Newflow Partners, Marcy Venture Partners, 10T, ParaFi, and Commonwealth Bank of Australia (CBA).
Created and unveiled in 2015 by Tyler and Cameron Winklevoss; Gemini enables people and institutional investors to buy, sell, and store cryptocurrency. The company has also managed to branch out into the budding non-fungible tokens (NFTs) space through Nifty Gateway, which is an entirely owned NFT platform.
This funding comes after a significantly busy year for the firm that has seen it purchase Blockrize to assist it in launching the Gemini credit card. It has also acquired ShardX, a developer of secure multi-party computation technology that will help in boosting its cryptocurrency listing and custodial services.
The firm is also aiming to expand its services geographically; securing the required regulatory approval to enter the UK market, and it has filed to launch in Singapore.Buy Crypto Now
The president of Gemini, Cameron Winklevoss, commented:
“In 2021 we diversified our revenue stream, expanded to new territories, acquired pioneering companies; and invested in industry-redefining innovations through the Gemini Frontier Fund. We also supported Bitcoin core development through the Gemini Opportunity Fund.
“We are incredibly excited to continue to build on the frontier of crypto and give individuals around the world greater choice; independence, and opportunity through crypto.”