Gemini Raises $400 Million and Will Build Metaverse Experiences
Cryptocurrency exchange Gemini, founded and run by the Winklevoss twins will use part of the capital from its $400 million funding round to build a “Gemini experience in different Metaverses.”
On Thursday Gemini announced that it had closed a $400 million equity growth funding round, effectively valuing the company at $7.1 billion. It was the first time the firm had went for outside financing. Morgan Creek Digital, co-founded by Anthony Pompliano in 2018, headed the round that included participation from 10T, ParaFi, Newflow Partners, and Marcy Venture Partners to name a few.
The Commonwealth Bank of Australia (CBA), which recently partnered with Gemini to launch the first crypto trading services offered by a a large Australian bank, also joined the round.
The announcement read:
“With this round of financing, Gemini will continue to bring simple, innovative, and secure products to market, and advance its geographic expansion.”
On the same day, Tyler and Cameron Winklevoss outlined their plans to expand Gemini’s reach into the Metaverse in an interview published by Forbes .
Instead of building numerous “branches in meatspace,” Tyler said, thereby referencing to the popular meme-based description of physical reality, the exchange will get exposure in multiple Metaverses. He said:
“We’re gonna build a Gemini experience in different Metaverses, where you can go into Gemini and trade, but it would be immersive instead of on your phone.”
Cameron told Forbes that opposed to the centralized roadmap for the Metaverse from firms “like Facebook or Fortnite,” Gemini is will take the decentralized route due to the greater upside it brings to the user. Noting that “decentralization is a spectrum they want to move down toward empowerment”, he said:
“But there is another path, which is the decentralized Metaverse and that’s the Metaverse where we believe there’s greater choice, independence and opportunity, and there is technology that protects the rights and dignity of individuals.”
The twins will once again go heads up with their “old pal” Mark Zuckerberg, who they sued in 2004 for stealing their intellectual property to create Facebook. They eventually settled in court in 2011 for $65 million.
What is the #metaverse?Simply put, it’s a virtual world built on blockchain tech where players can create an avatar, buy land, build experiences, import NFTs and more!
— Gemini (@Gemini) November 17, 2021
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Author: Peter Siu