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Crypto Exchange Gemini Trust Has $7B Valuation After $400M Funding Round
The Winklevoss-led exchange is the latest crypto firm to look for funding amid a booming market.
Crypto exchange Gemini Trust is raising $400 million in a new funding round that would bring its valuation to over $7 billion, the company announced on Thursday.
- Morgan Creek Digital is leading the capital round, which also includes 10T, ParaFi, Newflow Partners, Marcy Venture Partners and the Commonwealth Bank of Australia, among others.
- “We are leading the first outside investment in Gemini because of our shared conviction in crypto and belief in the company that Cameron and Tyler are building,” Morgan Creek Digital General Partner Sachin Jaitly said in the announcement.
- Gemini, which was co-founded by Cameron and Tyler Winklevoss, could not be reached for comment at the time of publication, but in a tweet Thursday, Tyler Winklevoss wrote: “Today marks a new beginning for @Gemini. We have raised $400 million dollars at a $7 billion valuation.”
1/ gm. Today marks a new beginning for @Gemini.
— Tyler Winklevoss (@tyler) November 18, 2021
We have raised $400 million dollars at a $7 billion valuation.
This round was led by Morgan Creek (@sjaitly & @MarkYusko) and included @10TFund, @paraficapital, @NewflowPartnrs, Marcy Venture Partners, @commbank, and others.
STORY CONTINUES BELOW
- Bloomberg first reported the story on Wednesday.
- Several crypto firms are taking advantage of current market conditions to raise money, including ConsenSys and (reportedly) OpenSea.
- ConsenSys is planning a massive expansion after it raised $200 million at a $3.2 billion valuation, the company said yesterday.
- Bitcoin hit a new all-time high price of over $68,000 just 10 days ago, while a quarter of global fund managers expect bitcoin to hit over $75,000 in 12 months, a November Bank of America survey found.
Read more: Winklevoss-Led Gemini Behind Bitcoin White Paper Excerpts on NYC Billboard
UPDATE (Nov. 11, 21:32 UTC): Adds Tyler Winklevoss tweet.
UPDATE (Nov. 11, 22:03 UTC): Adds investment firms and Morgan Creek Digital quote.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
