Crypto platform Gemini raises $400m, achieves $7.1b valuation

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

Crypto platform provider Gemini has secured $400 million of funding in its first ever growth equity round.

The round, led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia, among others, values New York, USA-based Gemini at $7.1 billion.

Launched in 2015 by Cameron and Tyler Winklevoss, Gemini enables users to buy, sell and store cryptocurrency.

The platform also helps users to earn, spend, and learn about crypto, as well as create and collect non-fungible tokens (NFTs) on Nifty Gateway, a wholly owned platform that has achieved more than $420 million in sales through 375 unique artist collaborations since launch.

The main Gemini platform currently supports more than 60 cryptocurrencies for trading and custody. More than $30 billion of assets are currently under custody. 

This year has also seen a number of acquisitions, including of Blockrize and ShardX, as well as the launch of lending and fund servicing products, plus an open-access educational resource for users.

Gemini increased its geographic footprint in 2021, entering the UK and seeking regulatory approval in Singapore. 

The crypto platform provider aims to use the funding to develop new products and expand into new markets.

Tyler Winklevoss, co-founder and chief executive officer of Gemini, says the new investors “share our ambitious vision for the future”, to create “the portal into crypto for new and seasoned investors alike”.

Sachin Jaitly, general partner of Morgan Creek Digital, hails Cameron and Tyler Winklevoss’s “vision for the role of crypto in redesigning money, the financial system, art, and the internet”.

“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.”

Mark Dugdale