US Crypto Exchange Soars To $ 7,100,000,000 After First Round Of Outside Funding

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New York-based centralized crypto exchange Gemini is reaching new valuation highs after securing its first outside funding.

Gemini announced this week that it had secured $ 400 million in a funding round led by cryptocurrency hedge fund Morgan Creek Digital. Other investors include 10T, ParaFi, Newflow Partners, Marcy Venture Partners and the Commonwealth Bank of Australia.

Until this round, Cameron and Tyler Winklevoss, who co-founded Gemini, had fully funded the exchange through their family office, Winklevoss Capital. Thanks in part to their efforts, Gemini is now valued at $ 7.1 billion.

Tyler Winklevoss said on Twitter that he and his brother are still “full” on the exchange and are excited to use the funding to continue working on unlocking “financial, creative and personal freedom” for their users.

“Cameron and I continue our tradition of being all-in. We haven’t sold any of our Gemini shares during this cycle. We are long-term Gemini share HODLers because we firmly believe that we do not. let’s just get started and the best is yet to come.

This new investment is the first time that we have opened Gemini to investments from the largest community of investors and crypto. We are delighted that others are as optimistic as we are and have decided to board the Gemini Space Station as we sail to the moon and beyond. “

Earlier this year, Gemini launched a waitlist for its crypto credit card, which offers users cash back in Bitcoin.

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