First External Funding for Gemini – Exchange Raises $ 400 Million

Gemini conducts its first external fundraising

This new financing was announced by Gemini yesterday. It was carried by Morgan Creek Digital, with the participation of several other major players, including the Commonwealth Bank of Australia, the Jay-Z Marcy Venture Partners platform, or even ParaFi and Newflow.

The $ 400 million collected allows the company to exceed the $ 7 billion in valuation. In particular, this will allow Gemini to continue to establish itself beyond the United States:

“Gemini will continue to bring simple, innovative and secure products to the market, while continuing to expand geographically. “

The Winklevoss brothers also confirmed that they wanted to dedicate themselves to building a decentralized metaverse, directly citing their historic competitor Facebook (and Mark Zuckerberg).

👉 To read – The Commonwealth Bank of Australia partners with Gemini to offer cryptocurrencies to its customers

Building on the momentum of 2021

In 2021, the platform has not been idle. It offered a lending service, Gemini Earn, added a large number of cryptocurrencies (more than 60 currently available) and confirmed that it would soon offer a crypto bank card, thanks to the acquisition of Blockrize.

Company CEO Cameron Winklevoss has confirmed that he wants to continue this momentum:

“We are incredibly excited to continue building on the crypto frontier, giving people around the world better choice, greater independence and better opportunities through crypto. “

👉 Find all the news of exchange platforms

Gemini, a “pro-regulation” platform that appeals to you?

If Gemini does not have the size of a Coinbase or a Kraken, the platform has clearly stood out from its competitors by displaying a very “pro-regulatory” positioning. This allowed him to avoid some pitfalls.

It has not dealt with the hostility of the SEC over its lending service, unlike Coinbase. And it didn’t have to struggle to show regulators of all stripes, like Binance is doing now.

Sometimes viewed with suspicion by a crypto-community historically not very fond of regulations, could this positioning pay off? In any case, Gemini seems to have wanted to go slowly but surely from the start. It will therefore be interesting to see how this bias positions the exchange in the years to come.

👉 Also find out – Gemini buys carbon credits to offset the ecological cost of Bitcoin (BTC)

Newsletter 🍞

Receive a recap of crypto news every Sunday 👌 And that’s it.

About the author: Marine Debelloir

twitter-soothsayerdatatwitter-soothsayerdata

Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

Back to top button