Gemini Raises $400M to Bring Valuation Over $7B

Read the full article by Jacquelyn Melinek here

The seven-year-old crypto exchange was founded by twin brothers and early Bitcoin investors, Cameron and Tyler Winklevoss.

• The round was led by Morgan Creek Digital with participation from DeFi firm ParaFi Capital.

• This year has proven to be the strongest year for crypto capital, with $15 billion in global blockchain funding during the first nine months of 2021, up 384% vs. the entirety of 2020.

• Crypto exchange Gemini has raised $400 million in funding to bring its valuation to about $7.1 billion, according to the company.

• “We are leading the first outside investment in Gemini because of our shared conviction in crypto and belief in the company that Cameron and Tyler are building,” said Sachin Jaitly, General Partner of Morgan Creek Digital, in a press release announcing the funding. “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.”

• The seven-year-old company was founded by twin brothers and early Bitcoin investors, Cameron and Tyler Winklevoss. Gemini offers services to trade over 50 cryptocurrencies, earn up to 8.05% APY on about 40 different tokens and get up to 3% on crypto rewards through its credit card.

• The brothers are expected to keep 75% ownership of Gemini after the capital raise, increasing their total net wealth 75% from $6 billion in April to $10.5 billion today.

  As bitcoin’s spot price hit a new all-time high on November 10 around $69,000, companies and investors alike are taking advantage of current market conditions by pumping tons of capital into the crypto space.