Crypto platform Gemini hits $7.1bn after its first-ever outside financing

Gemini, a crypto management app, has reached a $7.1bn valuation after the close of a $400m growth equity round, which is its first-ever outside financing.

Morgan Creek Digital served as the lead investor, with commitments also coming from 10T, ParaFi, Newflow Partners, Marcy Venture Partners and the Commonwealth Bank of Australia, among others.

The company launched in 2015 by Cameron and Tyler Winklevoss and provides individuals and investors with a platform to buy, sell and store their cryptos. Its platform also helps investors earn, spend and learn about cryptos, as well as create and collect non-fungible tokens on the Nifty Gateway, a wholly owned NFT platform.

With the capital injection, the company is looking to bolster its product offering and advance its geographical expansion. It has made big geographical moves in 2021. This year it has entered the UK and has filed its license with the Monetary Authority of Singapore to further grow in the Asia Pacific region.

The platform currently supports more than 60 cryptos for trading and custody and currently manages over $30bn in crypto assets.

Gemini has had a strong year of growth, including the acquisition of Blockrize to support the launch of its Gemini Credit Card, which offers real-time crypto rewards and has a waitlist of over 360,000 people.

The company also recently acquired secure multi-party computation technology developer ShardX to enhance its crypto listing and custodial services.

Morgan Creek Digital general partner Sachin Jaitly said, “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.

“Their vision for the role of crypto in redesigning money, the financial system, art, and the Internet, and their track record of incubating and scaling innovative technologies, gives us confidence in Gemini’s ability to continue to be an industry leader.”

Other product launches this year include Gemini Earn, which lets users lend their crypto and earn up to 8.05% APY. It has already originated $4bn in crypto loans.

A number of cryptocurrency focused FinTech companies have started to get big. Last month, cryptocurrency earning and borrowing platform Celsius Network hit a $3bn valuation after a $400m investment.

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.