Gemini crypto exchange raises $400 million in funding round

To help it build in the metaverse

Cryptocurrency exchange Gemini has raised $400 million in a growth equity funding round valuing it at $7.1 billion.

Gemini is a cryptocurrency exchange and custodian that allows customers to buy, sell, and earn crypto. The $400 million investment values the New York parent company, Gemini Space Station, LLC, at $7.1 billion.

The round was led by Morgan Creek Digital with participation from decentralized finance venture firm ParaFi Capital, the Commonwealth Bank of Australia, and other investors. The brothers are expected to retain 75% ownership in the company and have a new combined net worth of $10.5 billion.

Back in college, the Winklevoss brothers and Mark Zuckerberg were friends until they sued Zuckerberg, claiming he stole their ConnectU idea to create Facebook. Now, over 17 years later, they might be competing against Meta to create the metaverse.

“There’s a centralized path, like Facebook or Fortnight, that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized Metaverse, and that’s the Metaverse where we believe there’s a greater choice, independence, and opportunity, and there is a technology that protects the rights and dignity of individuals,” Cameron Winklevoss said.

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