Gemini Secures $400M Funding, Valued at $7.1B - Crypto Platform Expansion

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Founded in 2015, the Winklevoss twins' Gemini platform seeks to empower individuals through crypto while growing globally and focusing on non-fungible tokens.

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Key points

• Gemini crypto platform announced it closed an equity funding round worth $400 million that pegs the company's total market capitalization at $7.1 billion.
• Brothers Tyler and Cameron Winklevoss founded Gemini in 2015 and have grown it to become one of the leading crypto platforms globally.
• Gemini empowers retail investors to buy, sell, and hold cryptos as well as create and invest in non-fungible tokens (NFTS) and more.

Check out The Ascent's cryptocurrency apps for 2021

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Late last week the wunderkind tandem of Cameron and Tyler Winklevoss announced the successful close of a $400 million equity round of financing for their cryptocurrency platform, Gemini. This latest funding infusion balloons Gemini's balance sheet to an impressive $7.1 billion valuation. "Gemini is the portal into crypto for new and seasoned investors alike," said Tyler Winklevoss, co-founder and CEO of Gemini in the official statement announcing the funding round. "The investors that we have brought on in this round share our ambitious vision for the future."

Crypto makes interesting connections

Those investors include rapper Jay-Z's Marcy Ventures Partners and the Commonwealth Bank of Australia (CBA). Earlier this month, CBA proved its crypto bona fides by announcing it would enable crypto trading on its mobile app for retail banking customers, becoming only one of a handful of banks in the world that offers crypto services. Of note, Gemini is providing the cryptocurrency exchange and custodial digital wallet for CBA customers interested in exploring programmable money as part of that agreement.

Gemini plans to expand ex-U.S. and continue its NFT growth

In its statement, Gemini noted that the new funding would fuel its geographic growth -- targeting Asia, Africa, and South America -- as its crypto exchange service is already available in 60 countries spanning other continents of the world. It says it also plans on continuing its investment in NFTs. Since launching in March 2020, Gemini's Nifty Gateway has racked up more than $420 million in sales via 375 unique artist collaborations -- including famous artists such as Beeple -- solidifying its spot as an NFT destination.

What's next for Gemini?

"We are incredibly excited to continue to build on the frontier of crypto and give individuals around the world greater choice, independence, and opportunity through crypto," stated Cameron Winklevoss, co-founder and president of Gemini.

Future crypto regulation could one day impact the industry on a whole, but until (and if) that comes down the pike, crypto will likely continue to show up just about everywhere we can imagine, leaving a trail of dollar signs in its wake.

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