Crypto platform Gemini secures $400m in first outside funding round

Gemini, a US-based cryptocurrency platform, has secured a $400 million growth equity round, constituting its first-ever outside financing.

The firm was founded by twin brothers Cameron and Tyler Winklevoss

The round was led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and Commonwealth Bank of Australia.

The new capital injection values the company at $7.1 billion.

Launched in 2015, Gemini supports the buying, selling, and storing of crypto, as well as helping investors earn, spend, and learn about digital assets.

The platform was founded by twin brothers Cameron and Tyler Winklevoss, now president and CEO, respectively.

The funding follows a busy year for Gemini. It 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.

It also acquired ShardX, a developer of multi-party computation (MPC) technology, to enhance its crypto listing and custodial services.

The firm also unveiled Gemini Fund Solutions to provide fund managers with custody, clearing, and trading support for crypto ETFs, closed-end funds, and other fund vehicles.

And it released Cryptopedia, an open access educational resource for all things crypto.

The company says it now supports more than 60 crypto coins and custodies more than $30 billion in crypto assets.

Gemini also entered the UK in 2021, as one of the few registered crypto asset firms, obtaining its EMI licence from the Financial Conduct Authority (FCA).

It also filed its licence with the Monetary Authority of Singapore (MAS) to expand further into the Asia Pacific region. Gemini says it plans to continue expanding into new markets around the world.