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Gemini looking for $7 billion valuations in a $400 million funding round

Crypto exchange, Gemini, led by Winklevoss is raising $400 million in a new round of funding that would sum up the valuations to over $7 billion. The capital funding round is in charge of Morgan Creek Digital. The round includes ParaFi, Newflow Partners, 10T, Marcy Venture Partners. Among the list is also the Commonwealth Bank of Australia, among others. Sachin Jaitly, the upcoming third member of Gemini’s board of directors, keeps aside Cameron and Tyler Winklevoss.

“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.”

Sachin Jaitly, Morgan Creek Digital General Partner

Co-founded by Cameron and Tyler Winklevoss, Gemini tweeted that the day marks a new beginning for Gemini.

The firm has already invested in many initiatives through the Gemini Frontier Fund, like Animoca Brands’ The Sandbox.

The current market moments to raise money are being taken advantage of by several crypto firms. To name a few are ConsenSys and OpenSea. ConsenSys is also onset on a massive expansion after it raised $200 million at a $3.2 billion valuation.

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