Gemini Raises $400 Million in Growth Equity Financing Round; Metaverse Clash Incoming –

Gemini, the regulated cryptocurrency exchange founded by the Winklevoss Twins, has raised $400 million in its latest growth capital funding round. This funding round gave it a valuation of $7.1 billion, making it one of the most valuable exchanges in the crypto world. The round, led by Morgan Creek, also included leading figures in the venture capital sector. Gemini has invested heavily in alternative metaverse proposals.

Gemini reaches a valuation of $7.1 billion

Gemini, the cryptocurrency exchange created by the Winklevoss twins, the two Facebook dissidents, has educated $400 million in its latest growth capital funding round. The round was led by Morgan Creek, which raised $75 million, with Sachin Jaitly (a general partner at Morgan Creek) becoming the third member of Gemini's board, alongside Cameron and Tyler Winklevoss. Other key backers in the round included 10T, ParaFi, Newflow Partners, Marcy Venture Partners and the Commonwealth Bank of Australia.

This huge round puts Gemini in an enviable position, reaching a valuation of $7.1 billion and becoming one of the most important US exchanges at the moment. The oft-criticized regulated approach that Gemini takes to its cryptocurrency business is likely the catalyst for this. Speaking on the issue, Sachin Jaitly said:

Their vision for crypto's role in reshaping money, finance, art and the Internet and their track record of incubating and scaling innovative technologies give us confidence in Gemini's ability to continue to be an industry leader.

Gemini's alternative suggestion

One of the goals of the Gemini founders is to propose an alternative metaverse that is different from what other companies are currently doing. In one (n interview Cameron Winklevoss spoke to Forbes about the different paths taken by companies trying to shape the idea of ​​Metaverse. He emphasized:

There is a centralized path... that's just one step away from being a metaverse, and that's totally fine. But there is another way, and that is the decentralized metaverse, and that is the metaverse where we believe there is greater choice, independence, and opportunity, and there is technology that protects the rights and dignity of the individual.

Gemini has already invested in these initiatives through the Gemini Frontier Fund, including projects such as Animoca Brands' The Sandbox.

This appears to put the company once again on a collision course 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 scene. Kucoin, an Asian exchange, recently started a $100 million fund to incubate Metaverse startups.

What do you think of Gemini's $400 million funding round? Tell us in the comments section below.

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