BTC Exchange Gemini Confirmed $400M Raise In Growth Equity Round

The BTC exchange Gemini confirmed a $400 million fundraise in a growth equity round and the billionaire brothers who founded it finally decided to bring outside capital so let’s read more in our latest Bitcoin news today.

Gemini is a cryptocurrency exchange and platform founded by two twin brothers Tyler and Cameron Winklevoss. Now, the BTC exchange Gemini confirmed a $400 million raised in a funding round led by Morgan Creek Digital. There were other contributors as well such as Jay Z’s Marcy Venture Partners, New flow Partners, ParaFi, the Commonwealth Bank of Australia, and 10T. The growth equity round rockets the value of the exchange to $.71 billion. While this is one-tenth of the rival exchange Coinbase and its $70 billion valuations, it is a good business for the brothers who increased their net wealth to $10 billion with this deal.

1/ gm. Today marks a new beginning for @Gemini.

We have raised $400 million dollars at a $7 billion valuation.

This round was led by Morgan Creek (@sjaitly & @MarkYusko) and included @10TFund, @paraficapital, @NewflowPartnrs, Marcy Venture Partners, @commbank, and others.

— Tyler Winklevoss (@tyler) November 18, 2021

Gemini had quite standard plans for money saying in a press release that it will continue bringing innovative and simple products to the market all while advancing in its geographic expansion. It operates in the states but also other five dozen countries including Singapore and the UK where Binance stumbled upon some regulatory issues. Gemini’s adherence to playing by the book could have cost it market share in the crypto exchange business. Back in 2019 an ad campaign titled “The Revolution Needs Rules” argued for more regulation and industry standards which are alienating the crypto natives when appealing to a wider audience.

Gemini still remains outisde of the top 10 exchanges by trading volume and like most of the US companies, it shielded away from derivatives products that prove good for major moneymakers like Binance and FTX. The company is expanding as well in various ways. Nifty Gateway which is owned by Gemini gave it a slight foothold into the NFT space and recorded $420 million in sales while recently adjusting a strategy away from simply being a place for drops and tradings of NfTs. Nonetheless, minting new NFTs on the platform surged since August as per the data from Dune Analytics.

Gemini has some other things coming up as well including a bid to create a decentralized version of the metaverse which will put them head to head with Facebook and CEO Mark Zuckerberg. With the additional $400 million to play with, we can expect to see more from the company:

“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.”

Source: https://www.dcforecasts.com/bitcoin-news/btc-exchange-gemini-confirmed-400m-raise-in-growth-equity-round/