Gemini completes $400 million in growth stock financing; Metaverse conflict comes in – Bitcoin News

Gemini, a regulated cryptocurrency exchange founded by Winklevoss Twins, raised $400 million in a recent round of growth equity financing. This round of financing brought its valuation to $7.1 billion, making it one of the most valuable exchanges in the crypto world. This round of financing led by Morgan Creek also involved major leaders in the venture capital field. Gemini has been investing heavily in alternative meta-universe proposals.

Gemini’s valuation reaches 7.1 billion U.S. dollars

Gemini is a cryptocurrency exchange created by two Facebook dissident Winklevoss twins. improve Received USD 400 million in the latest round of growth equity financing. This round of financing was led by Morgan Creek with an investment of $75 million. Sachin Jaitly (Morgan Creek’s general partner) became the third member of Gemini’s board of directors after Cameron and Tyler Winklevoss. Other important backers of this round of financing include 10T, ParaFi, Newflow Partners, Marcy Venture Partners and Commonwealth Bank of Australia.

This huge round put Gemini in an enviable position, with a valuation of 7.1 billion U.S. dollars, making it one of the most important U.S. exchanges. Gemini’s often criticized regulatory approach in its cryptocurrency business may be a catalyst for this situation. Regarding this issue, Sachin Jaitly said:

Their vision of the role of cryptocurrencies in redesigning currencies, financial systems, art, and the Internet, as well as their track record of incubating and expanding innovative technologies, give us confidence in Gemini’s ability to continue to be an industry leader.

Alternatives to Gemini

One of the goals of the Gemini founders is to propose an alternative meta-universe that is different from what other companies are doing a interview In Forbes magazine, Cameron Winklevoss talked about the different paths followed by companies trying to shape the meta-universe concept. He emphasized:

There is a concentrated path…It is only one step away from becoming a meta-universe, which is completely okay. But there is another way, that is, a decentralized meta-universe. In this meta-universe, we believe that there are more choices, independence and opportunities, and there are technologies to protect individual rights and dignity.

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

This seems to bring the company into conflict with Mark Zuckerberg and Meta (formerly Facebook), who has a very different view of Metaverse and its execution. Other exchanges are also interested in entering the field of Yuanjie investment.Kucoin, an Asian exchange recently roll out A $100 million fund to incubate metaverse startups.

What do you think of Gemini’s US$400 million financing? Tell us in the comments section below.

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