Gemini, a cryptocurrency platform, announced a US$400 million growth equity round which is its first-ever outside financing, pushing the company’s valuation to US$7.1 billion.
The fundraise was led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia, among others.
With this round of financing, Gemini said that it will continue to bring simple, innovative, and secure products to market, and advance its geographic expansion.
Launched in 2015 by Cameron and Tyler Winklevoss, Gemini supports more than 60 cryptos for trading and has US$30 billion in crypto assets in its custody.
In addition to buying, selling, and storing crypto, Gemini helps investors earn, spend, and learn about crypto, as well as create and collect non-fungible tokens (or NFTs) on Nifty Gateway, a wholly-owned NFT platform.
Gemini has increased its geographic footprint in 2021, entering the UK as one of the few registered crypto-asset firms as well as obtaining its EMI license from the Financial Conduct Authority.
It also filed its license with the Monetary Authority of Singapore to expand further into the Asia Pacific region.
“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, Co-Founder and CEO of Gemini.
“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.”
said Cameron Winklevoss, Co-Founder and President of Gemini.
Featured image credits: Bloomberg
