Breaking: Gemini Crypto Exchange Raises $400 Million at $7 Billion Valuation

Gemini, the New York-based cryptocurrency exchange has become the latest to raise a multi-million funding round this bull season. As per a report in Forbes, Gemini is all set to close a $400 million first funding round that would give it a valuation of $7.1 billion.  The latest funding round has nearly doubled the combined wealth of Tyler and Cameron Winklevoss from $6 billion to $10.5 billion.

The massive funding round was led by Morgan Creek Digital and saw participation from decentralized finance venture firm ParaFi Capital, and a few others such as Jay-Z’s Marcy Venture Partners, former Disney chairman Jeffrey Katzenberg’s WnderCo, the Commonwealth Bank of Australia, private equity firm 10T, family office advisory Newflow Partners, as well as United Talent Agency, Jane Street. The Winklevoss twins will retain 75% of the shareholdings while the remaining will be distributed among new board members.

“There are these two parallel paths, in terms of technology right now,” says Cameron Winklevoss, 40, speaking from his home in California. “There’s a centralized path, like Facebook or Fortnight, that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized metaverse and that’s the metaverse where we believe there’s a greater choice, independence, and opportunity, and there is a technology that protects the rights and dignity of individuals.”

Gemini Aims to Take on Metaverse

What many people might not be aware of is that Winklevoss twins and Mark Zukerberg were college friends that eventually led to the creation of Facebook and a lawsuit. Winklevoss twins might have lost Facebook to Zukerberg, but now it seems the tables have turned and Gemini is at the forefront to take on the Metaverse while Facebook is building it’s own called Meta.

The decentralized showdown between the two sides looks like history repeating itself and Winklevoss twins definitely have the edge over Facebook and Mark Zukerberg this time.