Gemini, the regulated cryptocurrency exchange founded by the Winklevoss Twins, raised $ 400 million in its latest growth equity funding round. This financial round has earned it a valuation of $ 7.1 billion, being one of the most valuable exchanges in the crypto world. The tour de table, led by Morgan Creek, also had the participation of key leaders in the venture capital industry. Gemini has invested heavily in alternative metaverse proposals.
Gemini hits $ 7.1 billion valuation
Gemini, the cryptocurrency exchange created by the Winklevoss twins, the two Facebook dissidents, raised $ 400 million in its most recent round of growth equity funding. The round was led by Morgan Creek, who invested $ 75 million, with Sachin Jaitly (a general partner of Morgan Creek) becoming the third member of Gemini’s board, aside from Cameron and Tyler Winklevoss. Other major funders in the round included 10T, ParaFi, Newflow Partners, Marcy Venture Partners and the Commonwealth Bank of Australia.
This giant round puts Gemini in an enviable position, reaching a valuation of $ 7.1 billion and becoming one of the most important US exchanges today. The oft-criticized regulated approach that Gemini has taken in its cryptocurrency business is likely the catalyst for this. Regarding this, Sachin Jaitly said:
Their vision of the role of crypto in reshaping money, the financial system, art, and the internet, and their track record of incubating and scaling up innovative technologies, gives us confidence. in Gemini’s ability to continue to be an industry leader.
Gemini’s alternative proposition
One of the goals of the founders of Gemini is to offer an alternative metaverse, different from what other companies are currently doing. In an interview with Forbes, Cameron Winklevoss spoke about the different paths companies have taken when trying to shape the idea of metaverse. He underlined:
There’s a centralized path… it’s a step away from being a metaverse, and that’s absolutely fine. But there is another path, which is the decentralized metaverse and that is the metaverse where we believe there is more choice, more independence and opportunities, and there is technology that protects rights and the dignity of individuals.
Gemini has already invested in these initiatives through the Gemini Frontier Fund, notably in projects like The Sandbox by Animoca Brands.
This seems to put the company on a collision course yet again with Mark Zuckerberg and Meta (formerly Facebook), who have a very different perception of the Metaverse and its execution. Other exchanges are also interested in entering the metaverse investment arena. Kucoin, an Asian exchange, recently launched a $ 100 million fund to incubate metaverse startups.
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