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Home Cryptocurrency

Gemini Raises $400 Million at a $7.1 Billion Valuation As Company Plans International Expansion

by admin

November 18, 2021

in Cryptocurrency, Venture Capital/Private Equity (VC/PE)

Gemini Raises 400 Million 7 Billion Valuation Crypto Exchange Spotlight Growth

Seven years ago, Tyler and Cameron Winklevoss created Gemini with the idea of empowering the individual in the new digital economy. Today, Gemini is a top cryptocurrency exchange that just completed a multi-million-dollar equity raise to fund plans for global expansion.

Led by Morgan Creek Digital, Gemini raised $400 million at a $7.1 billion valuation in what is regarded as a late Series D funding round. Other notable participants in the funding round include 10T, ParaFi, Newflow Partners, the Commonwealth Bank of Australia, and more.

The funding raise follows a very productive 2021 thus far for the crypto company, which has made several major milestones:

Acquisition of Blockrize for the planned launch of the Gemini Credit Card; waitlist over 360,000 customers
Acquisition of ShardX, a developer of multi-party computation (MPC) technology, which enables enhanced crypto listing and custodial services
Unveiled and launched Gemini Earn; a crypto lending function that offers users to earn up to 8.05% APY; Gemini has originated over $4 billion in crypto loans to date
Gemini’s platform feature over 60 cryptos
Holds over $30 billion in crypto custody assets
Launched Gemini Fund Solutions to provide institutional investors and fund managers with custody, clearing, and trading support
Launched Cryptopedia as an open-access education resource for the world of crypto

The company’s Nifty Gateway, its proprietary NFT marketplace, has continued to experience record growth. Since its launch, the Nifty Gateway has produced sales of over $420 million and featured more than 375 unique artist collaborations.

Gemini is not the only crypto exchange that has raised funds as Bitcoin briefly hovered around all-time highs recently. Recent exchange newcomer, FTX, announced it had raised $420.69 million at a $25 billion valuation in October 2021. While FTX has gotten off to a lightning pace, Gemini is an established brand in the crypto-sphere that carries continued backing and leadership from the well-known Winklevoss Twins.