New York-based centralized crypto exchange Gemini is reaching new valuation heights after securing its first outside financing.
Gemini announced this week that it 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 financing round, Cameron and Tyler Winklevoss, who co-founded Gemini, had completely 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 says on Twitter that he and his brother are still “all in” 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 are continuing our tradition of being all-in. We did not sell any of our Gemini shares in this round. We are long-term HODLers of Gemini stock because we firmly believe that we are just getting started and the best is yet to come.
This new investment is the first time we’ve opened Gemini up to investment from the greater investor and crypto community. We are excited that others are as bullish as we are and have decided to come aboard the Gemini Space Station as we navigate to the moon and beyond.”
Earlier this year, Gemini launched a waitlist for its crypto credit card, which offers users cashback in Bitcoin.
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