Gemini Crypto Exchange Looks to Metaverse
M,Cryptocurrency exchange platform Gemini has raised $400 million in outside funding with the intention of developing increased access to ‘the metaverse’ for its of users.
The announcement highlights Gemini’s continued commitment to providing access to a variety of metaverses directly via its platform. The significant capital outlay has been raised from a variety of sources, including Morgan Creek Digital, Parafi Capital, 10T, Newflow Partners and Marcy Ventures.
Additionally, in a first of its kind, the Commonwealth Bank of Australia has also made a significant investment.
Who are Gemini?
Gemini was formed in June 2013 by American twins Cameron and Tyler Winklevoss and quickly became the first licensed Ethereum exchange in the USA.
The Winklevoss twins are perhaps best known for bringing a lawsuit against Facebook ‘founder’ Mark Zuckerberg for stealing intellectual property related to the social media concept. The case was settled by Zuckerberg in an out of court settlement for $65 million in 2011.
Gemini $7.1 Billion Valuation
The $400 million ‘growth equity funding’ investment brings the value of the Gemini group to roughly $7.1 billion and is the first time the platform has sought outside investment.
The Winklevoss twins are set to retain 75% ownership of the company with Morgan Creek Digital partner Sachin Jailty joining the board of directors as part of the $75 million investment from the firm.
Crypto Market Sentiment
The cryptocurrency market reflected the increased confidence in metaverse development this week with massive price gains for Sandbox, Decentraland and Enjin among others. Indeed, Gemini released details earlier this week of a significant purchase of Sandbox which may have led to the 60% price rally witnessed in the last seven days.
Decentralisation is a Spectrum
Cameron Winklevoss was keen to emphasise Gemini’s decentralised approach to the metaverse in stark contrast to centralised ownership from firms ‘like Facebook or Fortnite’.
Winklevoss went on to say: ‘There is another path, which is the decentralised metaverse and that is the metaverse where we believe there’s greater choice, independence and opportunity, and there is technology that protects the rights and dignity of the individuals. Decentralisation is a spectrum. We want to continue to move down the spectrum towards empowerment.’
More Metaverse news.
Author: Mark Harridge
Mark Harridge first came across Bitcoin and began to use its peer-to-peer payment network in mid to late-2011. He quickly understood that this technology would change the world. Mark is passionate about crypto adoption, from a macro economic and institutional perspective, and the numerous factors that fuel the relentless march towards individual self sovereignty and the decentralised society of the future.