Leading US crypto exchange Gemini announced that it has raised $ 400 million in the company’s first round of funding, bringing its total valuation to $7.1 billion.
The round was led by Morgan Creek Digital, with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, the Commonwealth Bank of Australia, and more. Crypto media outlet The Block reported in Sept. that the exchange was looking to raise funds since spring.
Founded in 2015 by Cameron and Tyler Winklevoss, this is the first time the exchange has sight funds from outside. According to its press release, The funds raised will be used to accelerate the company’s development towards metaverse.
In an interview with Forbes, Cameron Winklevoss commented on the potential of metaverse:
“There’s these two parallel paths, in terms of technology right now. There’s a centralized path, like Facebook or Fortnite, that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized metaverse and that’s the metaverse where we believe there’s greater choice, independence and opportunity, and there is technology that protects the rights and dignity of individuals.”
Currently, Gemini offers custody and lending services in addition to cryptocurrency transactions. The amount of custody deposits provided by the exchange to institutional investors has exceeded $30 billion.
Gemini’s NFT marketplace Nifty Gateway has also seen rapid growth in the past year, achieving more than $420 million in sales via 375 unique artist collaborations.