Gemini Raises $400 Million in Growth Equity Funding Round; Metaverse Clash Incoming – Bitcoin News

Gemini, a regulated cryptocurrency exchange, was founded in 2013 by the Winklevoss Twins. It has now raised $400m through its latest growth equity round. The exchange is considered one of crypto’s most valued, with a value of $7.1billion. Morgan Creek led the financial round. Other key figures from the venture capital industry were also present. Gemini has made significant investments in other metaverse ideas.

Gemini’s Value Hits $7.1 Billon

Gemini is a cryptocurrency exchange that was created by two Facebook dissidents the Winklevoss Twins. It has now raised $400 Million in its most recent growth equity financing round. The round was led by Morgan Creek, which put up $75 million, with Sachin Jaitly (a general partner at Morgan Creek) becoming the third member of Gemini’s board of directors, apart from Cameron and Tyler Winklevoss. ParaFi and Marcy Venture Partners also played a significant role in this round.

Gemini’s giant round has placed it in a favorable position, attaining a valuation at $7.1billion and making itself one of America’s most prominent U.S-based exchanges. This is most likely due to the often-criticized, regulated approach Gemini took in its cryptocurrency trading business. Sachin Jaitly commented on this topic.

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’s Alternative Proposal

One of the objectives that Gemini’s founders have is to propose an alternative metaverse, different from what other companies are doing now. Cameron Winklevoss spoke to Forbes about the various paths companies are taking in order to create the metaverse. He stressed:

There’s a centralized path… 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 technology that protects the rights and dignity of individuals.

Gemini has already invested in these initiatives through the Gemini Frontier Fund, including projects like Animoca Brands’ The Sandbox.

It seems that the company is now in direct conflict with Mark Zuckerberg, Meta (formerly Facebook), and Meta (formerly Facebook). Meta has a different perspective on the metaverse and the execution thereof. There are other exchanges that may be interested in the metaverse investing scene. Kucoin is an Asian exchange that recently created a fund of $100 million to help incubate metaverse startups.

Let us know your thoughts on the Gemini funding round of $400 million. Comment below.

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