Gemini, a cryptocurrency platform, announced its first-ever external funding round of $400 million led by Morgan Creek Digital with participation from ParaFi, 10T, New flow Partners, Marcy Venture Partners, and Commonwealth Bank of Australia. Currently, Gemini is valued at $7 billion. Since its launch in 2015, Gemini has grown into one of the world’s leading cryptocurrency platforms. Gemini provides crypto buyers, sellers, and holders with the ability to earn, spend, and learn about crypto. The company also offers non-fungible tokens (or NFTs) via Nifty Gateway, a fully-owned non-fungible token platform.
This is likely the result of Gemini’s regulated cryptocurrency approach, which has frequently been criticized. On the subject, Sachin Jaitly General Partner in Morgan Creek Digital stated that “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.”
Due to its secure and regulated platform, Gemini is trusted by individuals as well as institutions. Gemini is the preferred platform for investors seeking to diversify their portfolios with crypto. In addition to advancing its geographic expansion, Gemini will continue to provide simple, innovative, and secure products to the market.
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“Gemini is the portal into crypto for new and seasoned investors alike, The investors that we have brought on in this round share our ambitious vision for the future,” said Tyler Winklevoss, the CEO of Gemini.
Winklevoss also added “There’s a centralized path… 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 a greater choice, independence, and opportunity and there is a technology that protects the rights and dignity of individuals.”
With this move, the company will be on a collision course with Mark Zuckerberg and Meta (formerly Facebook), which are very different in their perception of the metaverse and how it should be implemented. Other exchanges are also interested in entering the metaverse investment scene. Kucoin, an Asian exchange, recently launched a $100 million fund to incubate metaverse startups.
Gemini is an online platform that lets you buy, sell, store, and earn cryptocurrencies like bitcoin and ether. Simple, innovative, and secure products from Gemini empower individuals. Cameron and Tyler Winklevoss founded Gemini in 2014.