The New York-based crypto exchange platform Gemini is the latest addition to the list of multi-million fundraising companies during this bull run. With the recent report by Forbes, it is clear that the company is gearing up to close a $400 million first round giving it a valuation of more than $7 billion.
After seven years of its establishment, Gemini’s founders, Tyler and Cameron Winklevoss, are now closing the first round of capital. The latest funding round has almost doubled the cumulative wealth of the twins from $6 billion to $10.5 billion.
Morgan Creek Digital led this massive funding round where many major companies, including decentralized finance venture firm ParaFi Capital, Jay-Z’s Marcy Venture Partners, and technology investment firm WnderCo participated. Other than these, the Commonwealth Bank of Australia, family office advisory Netflow Partners, equity firm 10T, and Jane Street also joined the round with massive enthusiasm.
It is also revealed that the twin founders will hold 75% of the shares while the rest will be distributed among the newly joined board members.
40-years old young billionaire Cameron Winklevoss said that there are two technological paths currently. He added:
“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 dives into the Metaverse world
Winklevoss twins and Facebook’s founder and CEO Mark Zuckerberg shared a past. The three were college friends who created Facebook and a lawsuit. Eventually, the twins lost Facebook to Zukerburg, but now things are different. After the Gemini’s jump to the Metaverse world, many compare the twin and Zukerberg scenario with tortoise vs. hare competition.
The current scenario of Facebook transforming itself into Metaverse named Meta and Gemini’s actions seems like history repeating itself. Winklevoss twins, however, definitely have the edge over Zuckerberg this time.