Update. Gemini told Forbes that the latest $400 million round led by Morgan Creek Digital, with participation from decentralized finance venture firm ParaFi Capital, brings the company's valuation at $7.1 billion.
Cryptocurrency exchange Gemini is about to raise $400 million from a pool of investors, Bloomberg has learned, citing people with knowledge of the matter. The new funding round would bring the company's total valuation at the $7 billion mark.
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However, it remains unclear who is on the list of the exchange's investors as the terms are still subject to change. According to the report, the new funding will help Gemini with acquisitions and with hiring staff as the New York-based exchange wants to expand services internationally.
In July, the exchange announced plans to overtake Binance, the largest cryptocurrency exchange in terms of trading volume. Cameron Winklevoss said the company is trying to be the "fastest tortoise in the race."
Gemini was founded in 2014 by Cameron and Tyler Winklevoss. It was the first exchange to launch bitcoin futures contracts in December 2017. As of November 2021, the exchange supports 8 cryptocurrencies like bitcoin (EXANTE: Bitcoin), ether (ETH), zcash (ZEC), at dozens of ERC-20 tokens.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.