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.”
- 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.
UPDATE (Nov. 11, 21:32 UTC): Adds Tyler Winklevoss tweet.
UPDATE (Nov. 11, 22:03 UTC): Adds investment firms and Morgan Creek Digital quote.
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