Winklevoss-led Gemini Crypto Exchange Valued At $7.1B After $400M Funding Round

KEY POINTS

Gemini has announced a $400 million funding round
The round was led by Morgan Creek Digital
Other investors include 10T, ParaFi, Newflow Partners

Gemini has announced a $400 million funding round, valuing the crypto exchange at $4.7 billion. The funding round was led by Morgan Creek Digital and involved prominent firms such as 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia.

After the announcement, Gemini, the 12th biggest cryptocurrency exchange, experienced a rise of more than 100% ($501,963,213) in trading volume as of 11:44 p.m. EST, according to data from Coinmarketcap.

"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. "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."

Gemini will continue to help investors learn and invest in cryptocurrencies. The co-founder and CEO of Gemini also announced the news in a Twitter post. The firm also brought light to the fact that this was the first time Gemini has opened its doors for other firms to invest in the exchange. Until now, the exchange was fully funded by the co-founders, Cameron Winklevoss and Tyler Winklevoss.

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

"Our new group of investors brings a great mix of knowledge, experience, and skills to our bench, and we're thrilled to have them on our team and in our court," added the co-founder of the firm.

Speaking on the future capabilities of the firm, the CEO also said that the firm will continue to support every users' financial goal and "to advance our mission to unlock your financial, creative, and personal freedom."

This year, Gemini has been on a roll with record sales of more than $420 million done by its NFT marketplace, NIFTY. The platform has already collaborated with 375 unique artists and continues to grow. Gemini also launched its own credit card, enabling users to earn crypto rewards while making payments. Currently, the firm is involved in multiple partnerships.