Gemini valued at $7.1 billion in first funding round

Nov 18, 2021 | The Block News | 0 comments

gemini-valued-at-$7.1-billion-in-first-funding-round

Crypto exchange Gemini announced today that it has brought in external capital for the first time, raising $400 million at a valuation of $7.1 billion. 

Morgan Creek Digital led the growth equity financing with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, the Commonwealth Bank of Australia and others. 

The news confirms earlier reports from The Block, which reported in September that Gemini had been exploring a fundraise since the spring and was in the final stages of the round. Co-founders Cameron and Tyler Winklevoss had funded the exchange by themselves until this point. 

The funding is reportedly to help Gemini finance the building of a more decentralized metaverse. The announcement focused on the ways Gemini has diversified its efforts in the crypto space and sought to expand beyond traditional exchange services, like growing its non-fungible token (NFT) platform, Nifty Gateway. Since its launch, the platform has generated more than $420 million in sales. 

“We are leading the first outside investment in Gemini because of our shared conviction in crypto and belief in the company that Cameron and Tyler are building,” said Sachin Jaitly, General Partner of Morgan Creek Digital, in the announcement. “Their vision for the role of crypto in redesigning money, the financial system, art, and the Internet, and their track record of incubating and scaling innovative technologies, gives us confidence in Gemini’s ability to continue to be an industry leader.”

In an interview with Forbes, Cameron Winklevoss contrasted a decentralized model of the metaverse with the Meta — once Facebook — path. Facebook rebranded to focus its efforts on building out the metaverse last month. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Ubisoft Launches Their First NFTs On Tezos

Ubisoft Launches Their First NFTs On Tezos

NFTs in gaming have been a hot topic in recent months, but one that hasn’t yet truly seen the light of day – outside of crypto-dedicated projects. While traditional gaming brands and properties have generally shared some sort of sentiment around NFTs, none have made...

Gaming giant Ubisoft is testing in-game NFTs through a new platform

Gaming giant Ubisoft is testing in-game NFTs through a new platform

Ubisoft has become the first major gaming firm to step into the world of non-fungible tokens (NFTs), with an announcement that hints at expanding a broader blockchain-based metaverse.  As per a Tuesday release, Ubisoft has launched the beta version of a new platform...

Hathor Network: Making Blockchain Easy for Everyone

Hathor Network: Making Blockchain Easy for Everyone

PRESS RELEASE. The blockchain revolution has captured the attention of millions in the past decade. The advent of cryptocurrencies like bitcoin has redefined the concept of money, while smart contract networks have expanded blockchain applications towards different...

Pin It on Pinterest

Share This