Get yourself a crypto tee or surprise a crypto enthusiast in your life with our festive Coin Bureau Merch!
Crypto Exchange Gemini
2 min read

Crypto Exchange Gemini Raises $400 Million To Save World From Facebook’s Version of Metaverse

By News Desk

American crypto giant Gemini has raised $400 million in growth equity funding in an effort to build a metaverse in their own vision.

The funding round was led by crypto investment management firm Morgan Creek Digital, with further contributions from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia (CBA), and others. It gives Gemini a valuation of $7.1 billion.

Jumping out on the list is the CBA, which partnered with Gemini earlier this month to provide crypto trading services to over six million Australians.

In a press release, Morgan Creek’s general partner Sachin Jaitly explained why the firm decided to lead the funding round.

“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.”

Gemini’s move to control the metaverse comes after social media giant Facebook rebranded to “Meta” and laid out its plans for a metaverse. Meta’s concept was criticized by those within the crypto community for being the antithesis of their decentralized vision of what the metaverse should be.

Image via Shutterstock

In an interview with Forbes, Gemini founders Cameron and Tyler Winklevoss, who battled Mark Zuckerberg in court in 2004 over alleged intellectual property theft involving Facebook, mentioned that they wanted to take the decentralized route in creating the metaverse.

Cameron Winklevoss said, “There’s these two parallel paths, in terms of technology right now.”

“There’s a centralized path, like Facebook or Fortnite, 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 greater choice, independence and opportunity, and there is technology that protects the rights and dignity of individuals.”

After the raise, the Winklevoss brothers are expected to keep 75% ownership of Gemini.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Related Posts

FTX Exchange
Withdrawals not Halted at FTX: Instead Binance will Buy FTX
FTX Exchange

Withdrawals not Halted at FTX: Instead Binance will Buy FTX

November 9th, 2022 3 min read
OKX invests in WAX
OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX
OKX invests in WAX

OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX

June 3, 2022 2 min read
Binance partners with the weekend
Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour
Binance partners with the weekend

Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour

June 3, 2022 2 min read
21Shares Releases Sixth State of Crypto Report
21Shares Releases Sixth State of Crypto Report: Summary
21Shares Releases Sixth State of Crypto Report

21Shares Releases Sixth State of Crypto Report: Summary

June 2, 2022 3 min read
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

June 2, 2022 2 min read
Regulators are “Not Allowing” Banks to Engage with Crypto
Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto
Regulators are “Not Allowing” Banks to Engage with Crypto

Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto

June 1, 2022 2 min read
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution

US Conference of Mayors Introduces Blockchain Resolution

June 1, 2022 2 min read