Gemini, a NYC-based cryptocurrency platform, raised $400m in first equity funding.
The round, which brought the valuation to $7.1 billion, was led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia, among others.
Launched in 2015 by Cameron and Tyler Winklevoss, Gemini is a crypto platform to buy, sell, and store crypto. It enables investors to earn, spend, and learn about crypto, as well as create and collect non-fungible tokens (or NFTs) on Nifty Gateway, a wholly owned NFT platform.
The funding follows a year of growth and product innovation for the company. In 2021 Gemini:
- Acquired Blockrize to help launch the Gemini Credit Card, which offers real-time crypto rewards and has a waitlist of more than 360,000 people;
- Acquired ShardX, a developer of secure multi-party computation (MPC) technology, to enhance its crypto listing and custodial services;
- Launched Gemini Earn that allows users to lend their crypto and earn up to 8.05% APY.
- Supports more than 60 cryptos for trading and custody
- Custodies more than $30B in crypto assets
- Launched Gemini Fund Solutions to provide fund managers with custody, clearing, and trading support for crypto ETFs, closed-end funds, and other fund vehicles
- Launched Cryptopedia, an open access educational resource for all things crypto
Gemini also increased its geographic footprint in 2021, entering the UK as one of the few registered crypto asset firms as well as obtaining its EMI license from the Financial Conduct Authority. It also filed its license with the Monetary Authority of Singapore to expand further into the Asia Pacific region. Looking ahead, Gemini will continue to expand into new markets around the world.